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Key Points

South Korea now has the second most expensive food and drinks in the OECD, trailing only Switzerland. Prices are 47% higher than the OECD average, with essentials like eggs seeing major spikes. The government is scrambling to control costs as inflation pushes consumer prices up 16% in five years. Meanwhile, a heat wave hits Gyeonggi Province, adding strain to households already battling high costs.

Key Points: South Korea Food Prices Rank 2nd Highest in OECD Behind Switzerland

  • Food costs 47% above OECD average
  • Trails only Switzerland at 163
  • Essentials index jumps to 119.09
  • Govt targets egg and processed food inflation
2 min read

South Korea's food, beverage prices rank 2nd highest among OECD states

South Korea's food and beverage costs soar 47% above OECD average, with only Switzerland ranking higher as inflation pressures mount.

"South Korea's food price index hit 147 in 2023, dwarfing the US (94) and Germany (107) - Yonhap"

Seoul, June 15

South Korea's food and drink prices ranked the second highest among the Organization for Economic Cooperation and Development (OECD) member economies, data showed on Sunday.

South Korea's food and beverage price index stood at 147 in 2023, 47 percent higher than the OECD average, according to the data based on the purchasing power in each country, reports Yonhap news agency.

This reading also marked the second highest among the 38 OECD countries, only trailing Switzerland at 163. The food and beverage price index of the United States stood at 94, with those of Japan and Germany coming to 126 and 107, respectively.

South Korea's consumer price index came to 116.03 in the first quarter of this year, marking a 16 percent increase over the past five years, according to data from Statistics Korea.

The index for daily necessities -- 144 items closely related to people's everyday lives, such as food, clothing and housing -- came to 119.09 in the first quarter, while the index for food prices alone stood at 125.04.

The Seoul government is working to come up with pan-government measures to stabilize consumer prices, with a central focus on the prices of eggs and processed foods, which have seen big price leaps in recent months.

Meanwhile, the season's first heat wave advisory was issued on Sunday for inland areas of Gyeonggi Province that surround Seoul.

The Korea Meteorological Administration issued the advisory for inland areas of Gyeonggi, including Pocheon, Gapyeong, Paju, Anseong and Yeoju, effective from 9 a.m. A heat wave advisory is issued when the day's highest sensible temperature is expected to remain at 33 C or above for two or more days.

The year's first heat wave advisory comes five days later than that of last year. In 2024, the first such alert was issued on June 10 for parts of the Gyeongsang regions.

—IANS

- IANS

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Reader Comments

R
Rajesh K.
This is surprising! I always thought South Korea was quite affordable compared to Japan. Their food prices being higher than Germany and Japan shows how inflation is hitting everywhere. In India too, we're seeing rising prices of essentials. Maybe we can learn from their government's measures to stabilize prices.
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Priya M.
Wow, 47% higher than OECD average! 😲 But honestly, when I visited Seoul last year, I found their street food and local markets quite reasonable. Maybe the high index is because of imported goods? In India, we have similar issues - local produce is affordable but imported items cost a bomb!
A
Amit S.
Interesting data. While South Korea ranks high, we should note their per capita income is also much higher than India's. The real pain is when prices rise but incomes don't keep pace - that's what we're facing here with dal, onions and tomatoes becoming luxury items sometimes!
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Sunita R.
The heat wave advisory along with price rise makes it double trouble for common people. Reminds me of our Indian summers when vegetable prices shoot up due to supply issues. Hope both governments can find sustainable solutions 🌱
V
Vikram J.
While the numbers look bad, we must appreciate that South Korea is taking concrete steps to address this. In India, we often just complain about inflation but don't see enough action from authorities. Maybe we need similar focused measures on specific items like eggs and processed foods.
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Neha P.
The comparison with Switzerland puts things in perspective. Both are developed nations with high living standards. For us in India, the challenge is different - making basic nutrition affordable for all. But global price trends do affect us through imports and market sentiments.

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