Consumer Organization Council Price Monitoring Center Survey
Status of Products from 420 Distribution Companies in the Seoul Metropolitan Area Compared to Last Year
Prices of 25 out of 37 Essential Daily Goods Increased
In the first quarter of this year, prices of 25 essential daily goods increased. Sugar prices led the rise, climbing about 19% compared to the same period last year, and items using sugar as a raw material also saw significant price jumps.
The Korea Consumer Organization's Price Monitoring Center announced on the 24th that a survey of prices for 37 essential daily goods sold at 420 retail stores in the metropolitan area showed that prices of 25 items rose compared to the same period last year. The average increase rate for these items was 5.5%.
By item, sugar had the highest price increase rate at 18.7%, followed by ice cream at 12.5%, ketchup at 9.7%, diapers at 7.8%, and doenjang (fermented soybean paste) at 6.9%. The average increase rate for these top five items reached 11.1%.
Sugar prices have continued to rise through the first quarter of this year following a significant increase in the factory price in August last year. Additionally, prices of items containing sugar, such as snacks, ice cream, and ketchup, also rose consecutively.
Among the top 10 products with the highest price increase rates in the first quarter surveyed by the Consumer Organization, the first and second places were Baeksul White Sugar (18.7%) and Baeksul Xylos White Sugar (18.2%). They were followed by Ryeo (16.6%), World Cone XQ (16.1%), Cheongjeongwon Sunchang Traditional Raw Doenjang (15.2%), Mon Cher Cream (12.1%), Cheongjeongwon Sunchang 100% Brown Rice Sun-Dried Hot Pepper Paste (10.1%), Cheongjeongwon Sunchang Seasoned Ssamjang (9.9%), Tomato Ketchup (9.7%), and Melona (9.6%).
Items with price decreases compared to the same period last year included ham (-7.7%), cooking oil (-3.9%), snacks and cookies (-2.8%), ramen (-2.6%), cider and toilet paper (each -2.1%), totaling 12 items.
Compared to the previous quarter, the fourth quarter of last year, prices of 15 items rose while 22 items fell. The top five items with the highest increase rates were gochujang (red chili paste) (4.7%), tuna (3.0%), seasoned laver (2.3%), sanitary pads (2.1%), and sesame oil (1.8%). In the case of tuna, Dongwon Tuna Light Standard by Dongwon F&B, the industry leader, saw a 5.6% price increase compared to the previous quarter, marking the highest increase among canned tuna products. On the other hand, the products with the largest price decreases were ham (-7.4%), cider (-3.6%), toilet paper (-3.3%), tofu (-3.1%), and soju (-2.8%).
The Consumer Organization stated, "The Food and Agriculture Organization (FAO) food price index has been declining since July last year, and prices of wheat and soybean oil, the main raw materials for flour and cooking oil, have also fallen, suggesting room for consumer price reductions." They added, "Companies that raised prices last year citing raw material cost increases should immediately reflect these decreases in consumer prices to reduce the burden of grocery prices on consumers."
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