KOREANS WILL EXPERIENCE FURTHER RESTAURANT PRICE INCREASES AFTER CHUSEOK.

 

Even inexpensive meals like gimbap are seeing price increases after the Chuseok holiday, and with inflation showing no signs of slowing down, South Koreans will undoubtedly face greater financial hardship when dining out.

According to data from the Korea Consumer Agency, the average cost of gimbap, one of the most affordable lunches, in Seoul increased by 2.6 percent in August compared to a month earlier to break the 3,000 won ($2.2) threshold.

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Pork belly had the biggest price increase of all restaurant meals, going from 18,056 won to 18,364 won for a 200-gram dish during the mentioned time. A 1 percent price increase to 7,500 won was seen for kimchi jjigae with rice and a side dish.

Jjajangmyeon, or noodles with black soybean sauce, cost the same as in July (6,300 won), but compared to previous year, it had by far the highest price increase.

According to statistics from Korea, the average cost of eating out increased by 8.8%, setting a record-high level since October 1992.

The cost of groceries skyrocketed as well. Cereal prices increased by 13 percent, while mayonnaise and ready-to-eat soup prices increased by 6.7 and 6.6 percent, respectively.

The cost of ramyeon, or Korean quick noodles, will also go up.

The top ramyeon producer in the nation, Nongshim, recently announced that starting on September 15, the cost of Shin Ramyun and 25 other instant noodles will increase by an average of 11.3%. For instance, a five-pack bundle of ramyeon that was formerly priced at roughly 6,000 won will now cost 6,678 won.

Paldo also disclosed its intention to increase the average price of ramyeon by 9.8% beginning October 1 in response to growing raw material and logistics costs. Paldo Bibimmyeon's cost would increase from about 4,000 won to 4,392 won. The cost of a bowl of the company's Wangttukkung noodles would also rise by 11%.

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