Soaring Edible Oil and Flour Prices
Increase Material Costs for Self-Employed
Citizens Show Signs of Stockpiling
Around 6 p.m. on the 16th, a large supermarket in Nowon-gu, Seoul, had only olive oil on the shelves instead of cooking oil. Citizens who came to fill their shopping baskets in the evening had to turn back. Photo by Oh Gyumin moh011@
"Where is the cooking oil?" "It's all gone. It was here until this morning, but when I checked to inform you, it was gone."
At around 6 p.m. on the 16th, cooking oil disappeared from a large supermarket in Nowon-gu, Seoul. As cooking oil prices soared and signs of hoarding appeared, the supermarket limited purchases to two items per person. However, citizens who came to fill their evening shopping carts had to turn away. Mr. Jeon (58) said, "I came because I heard the goods here come in large quantities and are cheap, but I ended up empty-handed."
On the same day, at Gwangjang Market in Jongno-gu, despite the lunch hour being over, the place was crowded with people, but Mr. Lee (59), who was cooking jeon alone on the street, sighed deeply. He said, "Not only cooking oil but also the prices of flour and rice cakes have gone up," adding, "Since it's a street stall, I think it should be cheap, but with rising prices and rent, I can't sell cheaply."
Mr. Park (77), who sells hotteok in an alley of Gwangjang Market, consumes 54 liters of cooking oil per week. Based on a week's consumption, the cost, which was under 150,000 won two months ago, now exceeds 200,000 won. Monthly, it costs more than 200,000 won.
Another burden for Mr. Park is the price of flour. He consumes 15 kg of flour weekly, and the price of a 20 kg sack has more than doubled in two months, rising from 13,000 won to around 32,000 won. Mr. Choi (51), who runs a snack bar in Gongdeok-dong, Mapo-gu, cited rice cakes used in tteokbokki as an example, saying, "The price rose 1.5 times from 2,000 won to 3,500 won per 1.5 kg."
At around 6 p.m. on the 16th, the flour section was emptied due to the footsteps of citizens preparing for the soaring flour prices at a large supermarket in Nowon-gu, Seoul. Photo by Oh Gyumin moh011@
Citizens can't help but be afraid of grocery shopping. Many think of buying in advance before prices rise further. Mrs. Kim (42), a housewife met at a supermarket, said, "I came early because I heard flour prices were going up, but a lot has already been sold," adding, "I do a lot of homemade noodle and bread making, so I need flour and want to buy it before prices go up more." Mrs. Kim picked up a box containing three 1 kg packs of flour. The price for three 1 kg packs was about 3,500 won recently but is now 4,480 won.
As diesel prices surpassed gasoline prices, the burden increased for those commuting by car and sales workers. Mr. Kim (29), who commutes from Gangseo-gu, Seoul to Gimpo, Gyeonggi-do, said, "When I filled 25 liters once a week, the fuel cost was in the low to mid 30,000 won range, but now it exceeds 50,000 won," adding, "There is no public transportation to my workplace, so I have to commute by car, which has become a heavy burden."
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