Price Survey of 24 Items by Korea Consumer Organization
Spinach Ranks 1st... 400g Price Up 31% YoY
High Increase in Vegetables and Forest Products... Poor Crop Yield Due to Heatwave
With the Chuseok holiday about two weeks away this year, the prices of vegetables and forest products have surged, increasing the burden on consumers preparing ritual offerings. Among the main ritual items, spinach showed the highest price increase rate compared to last year, surpassing popular holiday gift items such as fruits and beef.
A notice informing the suspension of spinach sales due to price increases is posted on the fresh vegetable stand at a local food store in Chuncheon, Gangwon Province. [Image source=Yonhap News]
On the 2nd, the Price Monitoring Center of the Korea Consumer Agency conducted a preliminary survey of 24 ritual offering items sold at 90 markets across 25 districts in Seoul, 18 distribution companies, 19 general supermarkets, and 16 traditional markets ahead of Chuseok. As of the 27th and 28th of last month, eight product groups were identified as having increased prices compared to last year’s Chuseok.
Among these, spinach had the highest rate of increase. The price for 400g was 12,469 KRW before last year’s Chuseok, but this year it rose 31.0% to 16,338 KRW. This surpasses the 13,456 KRW recorded in 2022, marking the highest price in the past five years. Next was fresh chestnuts (per 1kg), which rose 17.9% from 11,427 KRW last year to 13,470 KRW this year, ranking second. Additionally, pork (ground meat and hind leg) and fresh pears recorded double-digit increases of 12.6% and 11.9%, respectively, while peeled balloon flower roots (6.9%), beef (for skewers and general cuts, 6.1%), songpyeon (4.8%), and pollock fillets (4.2%) also saw price increases compared to the same period last year.
According to the Agricultural Products Distribution Information KAMIS survey operated by the Korea Agro-Fisheries & Food Trade Corporation (aT), the retail price of spinach as of the 2nd was 16,776 KRW, a 53.96% increase compared to 10,896 KRW in the same period last year, and more than double (106.5%) the average price (8,124 KRW). This is due to poor crop yields caused by this year’s record-breaking heatwave. As spinach and chestnuts led the price increases, the year-on-year rise in vegetables and forest products among major ritual items was 9.6%, significantly higher than livestock products (1.1%), other foods (0.9%), and seafood (0.3%).
Apples, which are highly preferred as Chuseok gifts, saw a sharp price increase until mid-last month but have stabilized as Chuseok approaches. The price for five apples was 20,674 KRW before last year’s Chuseok but dropped 14.6% to 17,649 KRW this year compared to the same period last year. Additionally, some fruits and processed foods such as cooking oil (-10.6%), dried persimmons (-5.1%), cheongju (clear rice wine, -2.4%), flour (-1.7%), and tofu (-1.3%) also saw price decreases.
Meanwhile, the average cost of purchasing Chuseok ritual offerings for a four-person household this year was calculated at 328,950 KRW, a 1.4% increase compared to the average purchase amount during the same period last year. By channel, traditional markets were expected to be the most affordable at an average of 226,585 KRW. General supermarkets averaged 244,723 KRW, corporate supermarkets (SSM) 294,054 KRW, large discount stores 305,185 KRW, and department stores 404,559 KRW. Compared to last year’s Chuseok, the purchase cost at large discount stores increased by 9.3%, while traditional markets and general supermarkets decreased by 1.7% and 0.7%, respectively.
A representative from the Korea Consumer Agency stated, "The government is supporting discounts to stabilize the perceived cost of living during the holiday, and various events such as store-specific discounts and expanded refunds for Onnuri gift certificates at traditional markets are being held." They added, "By actively utilizing these and carefully comparing prices across multiple distribution channels, consumers can reduce the cost of Chuseok ritual offerings."
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