"Cabbage Prices Soar, Causing Gold Leaf Prices to Skyrocket"… Daesang and CJ CheilJedang Raise Prices by Over 10%

10kg of Cabbage 34,240 Won... Doubled Compared to Last Month
Fermented Soybean Paste and Other Sauces Also Rising One After Another

On the 31st, workers are sorting napa cabbages at Garak Market in Songpa-gu, Seoul, ahead of the Chuseok holiday. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Minji Lee] As high inflation continues this year, the rising price of kimchi is expected to increase the burden on ordinary people.

According to the food industry on the 15th, CJ CheilJedang will sequentially raise the price of 'Bibigo' kimchi by an average of 11% across different channels starting today. Accordingly, the supermarket price of Bibigo Pogibaechu Kimchi (3.3 kg) has increased from 30,800 won to 34,800 won.

Daesang, the leading company in the domestic packaged kimchi market, will raise the price of 'Jongga Jip' kimchi by an average of 9.8% starting from the 1st of next month. CJ CheilJedang raised kimchi prices in February, and Daesang did so in March, making this the second price adjustment for both companies this year. The National Agricultural Cooperative Federation (NongHyup) also plans to increase the price of Korean NongHyup Kimchi, although the extent and timing of the increase have not yet been finalized.

This is due to poor agricultural yields caused by weather conditions such as heavy rain and heatwaves, which have led to a sharp rise in prices. According to Agricultural Product Distribution Information, the wholesale price of cabbage was 34,240 won per 10 kg as of the previous day, which is 2.3 times higher than 14,792 won a year ago and about twice the 17,875 won from a month ago. Prices of other kimchi ingredients have also risen significantly this year. Radish reached 27,580 won per 20 kg, 2.5 times the 11,020 won from a year ago, and onions were 22,760 won per 15 kg, 1.6 times the 14,415 won from a year ago. Additionally, rising energy and logistics costs have increased production expenses for each company, influencing the price adjustments.

Prices of fermented soybean products such as doenjang are also showing a rising trend. CJ CheilJedang and Daesang plan to raise the prices of these sauces by about 13%. CJ CheilJedang will sequentially increase prices across channels starting today, while Daesang will adjust prices from the 1st of next month.