I Chose Imported Beef for the Lower Price, but Now 'U.S. Beef' Feels Costly Too Amid High Exchange Rate [Jumeoni Talk]

Food Prices Soar Amid High Exchange Rate
Beef Prices Up 60% in Five Years
Pork Prices Also Rise by 30%

Editor's NoteWe are living in a time when a single serving of pork belly costs 20,000 won and a bowl of Jajangmyeon is 7,500 won. The consumer price index in 2024 reached 114.18 (2020=100), and in 2025, the burden on consumers' grocery baskets has grown even heavier due to continued high inflation. Through the "Jumeoni Talk" (Week+Money+Talk) series, we aim to share stories about consumption that are directly connected to our wallets, as prices change from moment to moment.

Customers visiting Yangjae Hanaro Mart in Seocho-gu, Seoul, are looking at Korean beef. Photo by Jinhyung Kang aymsdream@

Due to the rise in the won-dollar exchange rate, the price of imported beef has increased by about 60% over the past five years. Imported beef was once considered a relatively inexpensive alternative to Korean beef, but with the exchange rate now fluctuating around 1,480 won, consumers are feeling a greater burden from higher prices.

Imported Beef Prices Rise as Exchange Rate Surges

According to the Korea Institute for Animal Products Quality Evaluation on the 27th, the average price this month for U.S. chilled beef short ribs is 4,904 won, up 15.9% from 4,231 won a year ago. The price of U.S. chilled chuck eye roll also increased by 22.3% over the same period, from 3,162 won to 3,858 won.

The sharp rise in imported beef prices has been largely driven by the high exchange rate. As the value of the won has declined, import prices have risen significantly, which in turn has increased inflationary pressure domestically. In fact, last month, the import price of beef rose by 10.3% year-on-year in dollar terms, but when adjusted for the exchange rate, the increase in won terms reached 15.4%. Pork showed a similar trend: while the price increase in dollar terms was limited to 6.8%, in won terms it rose by 11.7%, further adding to consumers' burden.

The difference becomes even more pronounced when compared to five years ago. Last month, the beef import price index stood at 160.57 in won terms and 129.99 in dollar terms. Compared to 2020, the increase in dollar terms was about 30%, but when the exchange rate is taken into account, the rise in won terms was 60.6%, effectively double the rate.

Number of Cattle Raised in the U.S. Drops to Lowest Level in 74 Years

On the 21st, at the meat section of a large supermarket in downtown Seoul. Photo by Yonhap News

In addition to the exchange rate burden, worsening supply conditions in the U.S. are also driving up import prices. According to the American Farm Bureau Federation (AFBF), the number of cattle raised in the U.S. has dropped to its lowest level in 74 years. This is because the profitability of cattle farming has declined, leading many ranchers to abandon livestock operations.

In a report published in May, AFBF economist Bernt Nelson pointed out, "Despite record-high beef prices, high production costs have left farmers with virtually no profit." In other words, the combination of higher import costs due to the exchange rate and reduced supply in the U.S. has led to a general increase in the price of imported beef in Korea.

This exchange rate effect can also be seen in imported pork. Over the past five years, the price of imported pork has risen by only 5.5% in dollar terms, but by 30.5% in won terms. This highlights the exchange rate as a key factor driving up the price of imported livestock products.

Year-End Party Menu Choices Also Affected..."Company Dinners at Chinese Restaurants"

Given these circumstances, consumers are feeling a significant burden from imported products. Some are even switching from meat to other foods for company dinners to reduce costs. Kwon Dohee, a 31-year-old office worker in her fifth year, said, "We used to go to barbecue restaurants for year-end company dinners, but this year we had ours at a Chinese restaurant," adding, "Compared to barbecue or Japanese restaurants, Chinese restaurants are less of a financial burden, so that's why we made the switch."

Meanwhile, as exchange rate volatility increases, consumer sentiment is showing signs of contraction once again. According to the Bank of Korea's "Consumer Sentiment Survey for December 2025," the Consumer Composite Sentiment Index (CCSI) for December was 109.9, down 2.5 points from 112.4 in November. This is the largest drop since December last year, when emergency martial law was imposed (-12.3 percentage points).