Korea Price Information: Jeongwol Daeboreum Ingredients Up 50%... All Items Increased

Price Information for Major Items on Jeongwol Daeboreum.

[Asia Economy Reporter Lim Chun-han] The recent global surge in grain prices has been found to affect key items such as ingredients for Jeongwol Daeboreum Bureom and Ogokbap.

On the 23rd, Korea Price Information, a specialized price survey organization, announced that a survey of 10 major items including Ogokbap and Bureom ingredients ahead of Jeongwol Daeboreum showed prices increased by about 50% compared to last year based on traditional market prices. The traditional market price was 150,400 KRW, while large supermarkets were 197,940 KRW, making traditional markets 31.6% cheaper than large supermarkets.

This year, no items decreased in price; all items rose, with sorghum among Ogokbap ingredients and pine nuts among Bureom ingredients showing the largest price increases. This is attributed to poor growing conditions last year, resulting in the lowest production volume on record.

Korea Price Information stated, “For grains, the prolonged rainy season, the longest on record during the grain formation period, led to reduced sunlight and increased precipitation, creating unfavorable growing conditions. Although sunlight increased during the grain ripening period, subsequent typhoons and a drop in average temperatures worsened weather conditions, causing a sharp decline in production volume, which is the main cause of the price increase.”