Pork Prices Soar... Samgyeopsal Nearly 20,000 Won Per Serving

As steep price increases continue, pork prices are rapidly rising due to the transition of COVID-19 to an endemic phase and increased dining-out demand during May, the month of family celebrations. The price of a single serving of Samgyeopsal is expected to exceed 20,000 won soon.

According to the Livestock Products Quality Evaluation Institute's livestock distribution information on the 16th, the wholesale price of pork as of the 11th was an average of 6,380 won per kilogram, up 19.1% from 5,356 won per kilogram a month earlier. Compared to the 1st of this month (5,697 won), it increased by 12.0% in just ten days. As wholesale prices rise, retail prices are naturally increasing as well. As of the 15th, the consumer price of pork Samgyeopsal was 26,010 won per kilogram, up 11.7% from 23,280 won a month ago.

Recently, as pork demand has increased, both wholesale and retail prices have risen together. Pork prices typically rise from spring to summer each year, when demand increases due to gatherings and outings, and then fall after Chuseok. This year, the transition of COVID-19 to an endemic phase has led to more gatherings and company dinners, increasing demand. Additionally, the prices of grains used in pig feed and breeding costs have also risen, acting as additional factors for price increases.

The rise in food prices, including pork, is also increasing the burden of dining-out costs. Especially in May, the month of family celebrations, the perception of rising dining-out prices is expected to be higher due to many family gatherings. According to the Korea Consumer Agency's Chamgagyeok, as of last month, the average price of Samgyeopsal (converted to 200g) was 19,236 won, up 12.1% from a year ago, approaching 20,000 won. For a family of four eating Samgyeopsal at a restaurant, the meat alone costs about 80,000 won, and with meals, alcoholic beverages, and drinks, the total comes to around 100,000 won.

Meanwhile, according to Statistics Korea's 'April 2023 Consumer Price Trends' released on the 2nd, the consumer price index last month was 110.80 (2020=100), up 3.7% from the same month last year. In particular, dining-out costs rose significantly, with the dining-out price increase rate last month at 7.6%, higher than the previous month's 7.4%.