[Asia Economy Reporter Lim Chun-han] Recently, with the rise in living costs such as eggs, it is forecasted that the cost of the Seollal ancestral rites table this year will be up to 18% higher than last year.
On the 27th, the price survey organization Korea Price Information announced that, ahead of this Seollal, it surveyed the prices of ancestral rites table items at traditional markets and large supermarkets. It estimated that the cost of the ancestral rites table for a family of four this year will be 240,700 won based on traditional market prices. This is a 16.4% (34,000 won) increase from last year's 206,700 won. When using large supermarkets, the cost was found to be 344,200 won, which is 18.0% (52,720 won) higher than last year.
Korea Price Information analyzed that the overall increase in the cost of the ancestral rites table was due to the prolonged rainy season and consecutive typhoons last year, combined with the cold wave and highly pathogenic avian influenza (AI) earlier this year, which significantly affected agricultural products in general.
In particular, prices of most items, including eggs which have already risen significantly, increased sharply. For fruits, the price of apples (3 Busa apples) was 9,000 to 9,980 won last year but rose to 12,000 to 18,000 won this year, an increase of 33.3% to 88.5%. Dried persimmons (10 pieces) could be purchased for 8,000 to 12,480 won last year, but this year the price is 10,000 to 12,480 won. Green onions (per bunch) are priced at 4,000 to 4,980 won, which is up to twice as expensive as last year.
For meat, prices have remained high following a surge in demand due to the emergency disaster relief funds distributed last year. Rice prices also rose due to a significant decrease in production last year, and the price of rice cakes, which use rice as the main ingredient, also increased.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
