Beef and Egg Prices Rise, Chuseok Ritual Table Costs Top 300,000 Won... Government to Announce Additional Measures

Focus on Additional Supply of Agricultural, Livestock, and Fisheries Products
Continued Support for Small Business Financing

Although the government has announced the largest-ever measures to supply and discount holiday essentials, food prices—especially vegetables—are once again surging. Notably, the prices of major vegetables such as cabbage, spinach, and cucumber have soared by double digits in just one month, increasing the burden of Chuseok shopping. While the government plans to introduce additional measures soon, experts point out that the current methods alone have limitations in stabilizing the perceived cost of living.

On the 7th, gift fruit boxes were displayed at Gwangjang Market in Jongno-gu, Seoul, ahead of the national holiday Seollal. Photo by Jin-Hyung Kang aymsdream@

According to the Ministry of Data and Statistics on September 8, last month’s consumer price index rose by 3.1% compared to the same month last year, returning to the 3% range for the first time in two months. Although this was superficially attributed to base effects, the core inflation index—which excludes food and energy—also climbed 3.4%, outpacing the overall inflation rate.

While the prices of agricultural, livestock, and seafood products—closely tied to holiday shopping baskets—fell 2.6% year-on-year, the monthly trend told a different story. Over the course of one month, these prices rose by 1.2%; agricultural products by 2.9%; and vegetables by 12.4%. The impact of weather conditions, particularly heatwaves, caused vegetable prices to spike in a short period. In fact, compared to a month prior, cabbage prices jumped by 37.0%, spinach by 68.2%, cucumber by 40.4%, and lettuce by 28.4%. Other major food products such as imported beef (7.4%) and eggs (5.2%) also experienced increases, while mackerel and hairtail fish rose by 6.5% and 7.5%, respectively, in a single month.

Livestock product prices remain strong ahead of Chuseok. The Agricultural Outlook Center at the Korea Rural Economic Institute forecast that this year’s wholesale price of Korean beef will be around 22,500 won per kilogram, representing a 14.5% increase from last year. During the peak Chuseok season, prices are expected to rise further to 24,000 to 25,000 won, which is 14.3% to 19% higher year-on-year. The price of U.S. chilled beef chuck eye roll is also up 20.1% from last year, reaching 4,019 won per 100 grams. The cost of Chuseok ritual table settings is also expected to rise. According to Korea Price Information’s survey conducted three weeks before Chuseok for a family of four, the cost of shopping for ritual offerings totaled 302,500 won at traditional markets and 397,700 won at large supermarkets. These figures represent year-on-year increases of 1.2% and 1.6%, respectively.

The Ministry of Economy and Finance is planning to announce additional Chuseok cost-of-living stabilization measures within this week to help stabilize prices and improve people’s livelihoods. Lee Hyung-il, the nominee for Deputy Prime Minister and Minister of Economy and Finance, visited Kkachisan Market in Gangseo-gu, Seoul, the day before, stating, “We will look for ways to further increase supply or provide more discounts, so as to announce additional measures.” During a press briefing held on September 2, Lee also said, “We announced our Chuseok cost-of-living stabilization plans on the first of September, but we may need to consider new approaches.” He added, “We will strive to identify ways to expand the supply of holiday essentials or offer more discounts, in order to announce further measures to stabilize Chuseok prices.” Emphasizing his commitment, Lee remarked, “The price of goods in people’s daily lives is, for the economic team, the ultimate report card. Price stabilization is the primary mission for price authorities.”

On September 1, the government presented what it called the largest-ever Chuseok cost-of-living stabilization package. It pledged to supply a record 183,000 tons of holiday essentials and invest 103 billion won in discount programs for agricultural, livestock, and seafood products. In particular, the supply of mackerel and pollock will be increased to more than three times the usual amount. A government official stated, “The focus of additional measures is to expand the supply of agricultural, livestock, and seafood products, rather than financial assistance, in order to ease the price burden.”

This content was produced with the assistance of AI translation services.