Average Price of Essential Daily Goods Rises by 1.1%
Matgim Price Increase Driven by Higher Raw Laver Costs
"Raw Sesame Prices Falling... Sesame Oil Prices Under Watch"
In the fourth quarter of last year, the price of seasoned laver (matgim) rose by more than 23%, and the prices of gochujang, soy sauce, sesame oil, and ketchup also increased by 6-10%.
The Korea Consumer Organization Price Monitoring Center announced on the 31st that the prices of 39 essential daily goods sold at 420 retail stores in Seoul and Gyeonggi Province in the fourth quarter of last year rose by an average of 1.1% compared to the same period the previous year.
The prices of 19 items increased, with an average rise of 4.1%.
The top five items with the highest price increases were seasoned laver (matgim) (23.6%), gochujang (9.9%), soy sauce (7.9%), sesame oil (7.2%), and ketchup (6.4%), in that order.
The price of seasoned laver remained stable until the first half of last year, but began to rise from June due to a sharp increase in the price of raw laver caused by climate change and other factors.
The price of Dongwon F&B's 'Yangban Good Raw Laver with Deep and Fragrant Perilla Oil & Olive Laver' increased by 28.7%, and Pulmuone's 'Perilla Oil Mixed Crispy and Nutty Roasted Seaweed' rose by 19.2%.
The center forecasted that the upward trend in seasoned laver prices is likely to slow down, citing data from the Fisheries Monitoring Center showing that laver production in December last year increased compared to the same month the previous year, and production this year is expected to be higher than usual.
The center also emphasized that CJ CheilJedang and Ottogi raised sesame oil prices by more than 10% last year, but since the price of raw sesame has recently fallen, they will monitor whether prices will be reduced.
Regarding sanitary pads, the center added that due to high volatility in the price of the main raw material, international pulp, and the current high exchange rate situation, they are closely watching the consumer price trends of related products.
The five items with the highest price decreases in the fourth quarter of last year compared to the same period the previous year were ham (-6.9%), cooking oil (-5.5%), toilet paper rolls (-4.1%), flour (-3.4%), and soju (-3.4%), in that order.
The Consumer Organization analyzed that the main cause of the high price increases in most essential goods last year was the instability of raw material prices due to abnormal weather conditions.
Following the sharp rise in wheat and soybean prices in 2022, prices of raw sugar, coffee beans, cocoa, and laver also surged consecutively, leading to increased food prices.
The organization stated, "We urged the government to prepare mid- to long-term measures, but there are still no clear plans, and concerns about price increases for essential goods are growing due to the rapid rise in exchange rates since the beginning of the year. We will continue to actively work to stabilize consumer prices and promote consumer rights this year."
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