Last Month's Dining Out Prices Rose 6.6%, Highest in 24 Years... All 39 Items Increased

Galbitang, Juk, Hamburger, Sashimi, and More Prices Up Over 10% Compared to One Year Ago

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] Last month, dining-out prices rose by nearly 7%, marking the largest increase in about 24 years. In particular, all 39 dining-out items surveyed by the government showed an upward trend. This was the result of raw material price increases being reflected in ingredient costs and the recovery of demand, making dining-out prices a major factor pushing last month's consumer price inflation rate up to 4.1%.

According to the National Statistical Portal (KOSIS) on the 10th, dining-out prices in March rose 6.6% compared to a year earlier. This was the largest increase in 23 years and 11 months since April 1998.

Looking at the items, all 39 dining-out items increased. Galbitang (beef short rib soup) rose the most at 11.7%, followed by juk (rice porridge) at 10.8%, hamburgers at 10.4%, and saengseonhoe (raw fish) at 10.0%, all rising more than 10% compared to the same period last year. Jjajangmyeon (black bean noodles) (9.1%), gimbap (8.7%), jjambbong (spicy seafood noodle soup) (8.3%), chicken (8.3%), ramyeon (8.2%), seolleongtang (ox bone soup) (8.1%), tteokbokki (spicy rice cakes) (8.0%), kalguksu (hand-cut noodle soup) (6.9%), and donkatsu (pork cutlet) (6.6%) also rose significantly.

Meat items such as beef (8.1%), pork ribs (7.8%), samgyeopsal (pork belly) (6.6%), bulgogi (6.1%), and steak (5.5%) also showed high rates of increase.

Only six dining-out items had an increase rate below 4%, including samgyetang (ginseng chicken soup) (3.9%), cafeteria meal costs (3.3%), beer (3.2%), haemuljjim (steamed seafood) and soju (each 2.8%), and other beverages (2.4%).

The rise in ingredient prices led to higher costs, and the recovery of the economy, which had been depressed due to COVID-19, increased dining-out demand. Delivery fee increases also appear to have had an impact. In particular, unlike agricultural, livestock, and fishery products, dining-out prices have high downward rigidity, meaning once they rise, they do not easily fall, raising concerns that prices may further stimulate inflation going forward.