The price of mackerel has risen again | Image: Yonhap News TV
With the arrival of the new year, the population of South Korea is already aware of the increase in food prices in supermarkets and similar establishments, making it difficult to put more products in their shopping carts.
With the new increase, the price of mackerel, considered the typical "national fish" on Korean tables, was readjusted due to the decline in fishing in Norway, aggravated by the high exchange rate.
According to the Korea Agro-Fisheries & Food Trade Corporation, the price of a handful of imported salted mackerel was 13,630 won (or 9.45 dollars) last month, a sharp increase of nearly 30% compared to the previous year.
Consumers will also have to spend more money to buy coffee, as the international price of Arabica coffee beans has increased by more than 50% in just one year.
According to Yonhap News TV, franchised coffee shops that previously offered affordable prices, such as Ten Percent and Bananapresso, have already implemented price increases.
Convenience stores also started the year with price adjustments, mainly for their own-brand products. According to Yonhap News TV, 7-Eleven increased prices on about 40 private-label products by up to 25%, and GS25 also increased prices on some private-label products by almost 6%.
The price surge was also reflected in meals eaten outside the home, with the average price of kimbap for a simple meal rising almost 6% in a year, reaching 3,700 won (or 2.57 dollars), while the prices of kimchi stew and kalguksu also increased by about 5%.
The Secretary-General of South Korea's Consumer Protection Agency, Lee Jeong-su, told the broadcaster that "inflationary pressures still exist due to the significant volatility of exchange rates and international commodity prices, as well as increased costs such as logistics, labor, and platform fees."
The Korean government plans to conduct studies to try to stabilize this year's rising food prices, but it doesn't seem easy for prices to fall after they've already increased.
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