"I Ate at Home to Save Money, But My Account Balance Was Still a Shock"

Among Intensively Monitored Items, Wheat Flour and Sugar Show Price Drops

As prices of processed foods continue to rise, the burden on household food expenses is growing.

Hypermarket.

According to the August price trends released on the 4th by the comprehensive price information portal “Chamka-gaeok” run by the Korea Consumer Agency, prices for 24 out of 26 popular processed food items increased compared to the same month last year.

By rate of increase, soup and stew products rose by 39.2%, cup rice by 24.9%, gochujang (red pepper paste) by 19.8%, doenjang (soybean paste) by 19.1%, cola by 16.8%, and noodles by 16.1%. However, the agency noted that for items such as soup, stew, and gochujang, changes in product sample composition since January this year have partially affected the figures. When considering only identical products, soup and stew prices increased by 15.7%, while gochujang rose by 4.2%.

The price of instant rice also climbed 5.7% from the previous month. Price increases were recorded for cola (6.7%), ketchup (4.3%), curry (4.1%), and canned tuna (3.9%) as well. These hikes reflect continuing price increases by food companies, which have been passed on to consumers. The Korea Consumer Agency analyzed that after manufacturers announced price hikes for instant rice, retail prices at hypermarkets and convenience stores subsequently increased. By product, Hetbahn (210g) rose 6.6%, and a six-pack of Hetbahn rose 10.3%, driving up the overall price of instant rice. The selling prices of curry and ketchup also went up following manufacturer list price increases.

However, monthly prices fluctuated significantly depending on discount events by retailers. In August, the price of cooking oil fell 17.9% from the previous month, largely due to approximately 50% discounts on grape seed oil and canola oil at supermarkets. There were no price changes at hypermarkets and department stores.

In contrast, out of 10 closely monitored items, 6 marked price drops compared to last year. The declines were: flour by 13.1%, cooking oil by 6.4%, sugar by 5.2%, coffee mix by 3.0%, milk by 1.9%, and bread by 1.5%. Among them, flour has seen a decline for 11 consecutive months since September last year.

Eggs rose by 8.2% compared to the same month last year, and both rice and toilet paper showed differences by item, rising by 8.5% and 16.8%, respectively.

Meanwhile, the Bank of Korea projected that the consumer price inflation rate would remain elevated at around 3% in October as well. Deputy Governor Lee Jiho said, "Although the inflation rates for overall consumer prices, core inflation, and the cost of living all decreased compared to last month, considering that the temporary base effect from the previous month has ended, the overall upward trend in prices is considered to have expanded somewhat."

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