Livestock and processed food prices in South Korea have soared, fueled by multiple factors including currency depreciation and rising raw material costs, further straining residents' cost of living.

Recently, livestock product prices saw a sharp 6.2 percent year-on-year rise in May, the steepest climb in three years, continuing their upward momentum into June, according to Statistics Korea.

Meanwhile, other factors such as avian influenza have driven up egg prices, with the retail price of a pack of 30 eggs exceeding 7,000 won (about 5.11 U.S. dollars), marking a year-on-year increase of 7.8 percent and reaching the highest level in four years.

As egg prices continue to rise, some major supermarkets have begun offering limited-time promotions on eggs and beef, triggering a rush to buy food and other daily supplies.

"Today, 90 percent of the egg stock for the promotion has already sold out, showing great popularity. Imported beef was sold out by the morning," said Kim Yong-ho, head of the marketing department at a Korean supermarket.

Due to factors such as the depreciation of the won and rising raw material costs, the prices of processed foods in the country have also been consistently increasing.

In May, the prices of processed foods rose by 4.1 percent compared to the previous year. Data from Statistics Korea tracking 74 major categories of processed foods shows that over 70 percent of these categories experienced price increases. Notably, instant noodles saw a year-on-year price rise of 6.2 percent.

"Prices have risen significantly, and I find myself hesitating for a long time whenever I go grocery shopping because I'm unsure about what to buy. For our family of three, we used to spend about one million won (about 730.59 U.S. dollars) on food each month, but now it's around 1.3 million won (about 949.77 U.S. dollars)," said a local resident in Seoul.

South Korean President Lee Jae-myung said that relevant government departments should swiftly develop measures to stabilize prices.

Source - https://www.bastillepost.com