"One Bungeoppang for 1,500 Won?"... As Bungflation Hits, This 600-Won Alternative Rises

Rising Raw Material Costs Drive Up Bungeoppang Prices
Food Companies Launch Frozen Bungeoppang Products

The price of Bungeoppang, a popular winter snack, has soared to the point that the term "Bungflation" (Bungeoppang + inflation) has emerged. In areas such as Gangnam and Jongno in Seoul, there is a growing number of places where the price of one Bungeoppang has risen to between 1,000 and 1,500 won. Although there were concerns about rising Bungeoppang prices last year as well, some regions still sold three for 2,000 won or four for 3,000 won.

The price of Bungeoppang has been rising every year. Photo to aid understanding of the article. Pixabay.

The increase in Bungeoppang prices is being attributed to the rising cost of raw materials. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on December 11, the wholesale price of domestic red beans is 721,800 won per 40 kilograms. This represents a 33.8% increase compared to November 12 last year, when it was 539,400 won.

Earlier this year, the price of red beans surged to 796,600 won and has shown little sign of decreasing. The sharp rise in the price of domestic red beans is due to a reduction in both the cultivation area and production volume. The price of imported red beans is also increasing. In addition, the price of flour has risen by 34.5% over the past five years. The price of LPG, which is used to bake Bungeoppang, has also increased significantly.

Ottogi has launched Churros Mini Bungeoppang. Ottogi.

As prices rise and Bungeoppang street vendors become harder to find, the term "Bungsekwon" (Bungeoppang + station area) has become a yearly trend. In response, food companies are releasing frozen Bungeoppang products that consumers can enjoy at home. According to CJ CheilJedang, online sales of the frozen snack "Bibigo Bungeoppang" last month increased by 45% compared to the same period last year. A single package (containing 11 to 12 pieces) of sweet red bean Bungeoppang costs 7,600 won, which is about 630 won per piece.

Ottogi has introduced "Pizza Bungeoppang," filled all the way to the tail, and "Churros Mini Bungeoppang" (matcha and chocolate flavors), a reinterpretation of Bungeoppang with a churros twist.