SEOUL, Dec. 9 (Korea Bizwire) – Rising exchange rates could push South Korea’s already elevated food prices even higher next year, experts warn, as the country’s heavy reliance on imported food ingredients makes it particularly vulnerable to currency fluctuations. The won has weakened significantly against the dollar in recent weeks, with the exchange rate breaking through 1,400 [...]
SEOUL, Aug. 29 (Korea Bizwire) — The estimated cost of preparing “charye” during this year’s Chuseok fall harvest holiday climbed 6.4 percent from a year ago amid growing inflationary pressure, a research center survey showed Monday. Charye is a ceremonial Chuseok ritual honoring deceased ancestors and is usually accompanied by various types of traditional Korean [...]
SEOUL, July 1 (Korea Bizwire) — Amid soaring prices, Koreans are buying lunchboxes at convenience stores or making their own lunches to save money as a so-called ‘lunchflation’ phenomenon takes hold. “I can save 3,000 to 5,000 won (US$2.31-3.85) each time I make a lunchbox,” said a 28-year-old office worker surnamed Shin. “I’m worried that [...]
SEOUL, Aug. 7 (Korea Bizwire) — The price of popular foods for eating out has risen up to nearly 10 percent over the past year in the capital city, the latest data from the Korea Consumer Agency showed on Tuesday. The agency’s portal that provided the data showed that the price of “naengmyeon,” buckwheat noodles [...]
SEOUL, Aug. 1 (Korea Bizwire) — Prices of agricultural products in South Korea have spiked as the country grapples with a record-breaking heat wave, the government said Wednesday. The wholesale price of agricultural products is 6.5 percent higher than average as of late last month, according to the Ministry of Agriculture, Food and Rural Affairs. [...]
SEOUL, Dec. 23 (Korea Bizwire) – Prices of major food products in South Korea have risen recently, putting a larger burden on consumers already hit by the fallout from the worst outbreak of avian influenza, industry sources said Friday. Nongshim Co., the nation’s top instant noodle ramyeon maker, jacked up the average price of its [...]