Chicken Supply Emergency, Prices Soaring
As dining-out prices continue to rise sharply, the price of a bowl of samgyetang at well-known restaurants in Gwangju has also reached the 20,000 won range.
According to Yonhap News on July 29, citing the restaurant industry, Samgyetang Restaurant A, which has branches in Dong-gu and Buk-gu, Gwangju, raised the price of its basic herbal samgyetang to 20,000 won this year and increased major menu items by 1,000 won each.
The outlet also reported that Samgyetang Restaurant B in Seo-gu, Gwangju, which sold its basic herbal samgyetang for 19,000 won last year, raised the price to 20,000 won this year.
Samgyetang Restaurant C, which operates three branches in Gwangju and one in Jangseong, is maintaining the basic samgyetang price at 18,000 won. However, the restaurant changed its policy a few years ago regarding ginseng liquor, which used to be provided free of charge to all tables, and now offers it only upon request.
Chicken Supply Emergency, Prices Soaring
On the 29th, one day before Jungbok, an employee is serving Samgyetang at a Samgyetang restaurant in downtown Seoul. Photo by Yonhap News
Previously, as demand for fresh chicken increased and an unprecedented heat wave continued, there was an emergency in chicken supply, as chickens are vulnerable to heat. As a result, the already rising price of samgyetang increased even further, leading to predictions that the burden of dining-out prices would grow.
According to the National Statistical Portal (KOSIS) of Statistics Korea, the consumer price index for samgyetang in June (2020=100) was 122.56. This means that, based on 2020 prices, it has risen by more than 22% over five years. This increase is greater than the overall consumer price index for June, which was 116.31.
In addition, according to the Korea Consumer Agency's 'Chamka Price', the average price of a bowl of samgyetang in Seoul in May was 17,654 won. This is a 4.6% increase compared to 16,885 won in the previous month. It is also reported that in some restaurants in Seoul, the price exceeds 20,000 won.
According to the Korea Broiler Council, the price of live chickens for samgyetang this month is between 2,190 and 2,890 won, which is a sharp increase compared to the 1,500 to 2,000 won range in 2020.
To capture demand during Chobok (the first of the three hottest days in summer) amid high prices, large supermarkets have launched discount events focused on fresh chicken.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) is also implementing measures to stabilize the supply of major agricultural and livestock products during the summer and to ease the burden on consumers. The ministry is operating a 'Livestock Disaster Response Team' to reduce livestock deaths and is managing supply by holding chicken meat discount events.
MAFRA plans to support discount events at large and small supermarkets nationwide until August 6, and to hold an on-site cashback event worth 10 billion won at 130 traditional markets nationwide from August 4 to 9.
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