[GLOBAL ECONOMIC TIMES] Due to the strong prices of vegetables such as cabbage and radish, an analysis showed that the cost of kimchi this year will be about 20% more than last year.
As of the 29th, the Korea Price Association, a price research agency, surveyed the prices of 15 kimchi ingredients in 17 city and provincial traditional markets and found that the cost of kimchi for a family of four was 419,130 won, a 19.6% increase from a year ago. It was announced on the 30th.
An official from the Price Association said, “It was analyzed that the prices of cabbage and radish, which are the main ingredients, rose by more than 60% compared to a year ago, leading to an increase in overall costs.”
The retail price of cabbage averaged 7,050 won per head, which was higher than the association's November forecast of 5,300 won.
This is 61.1% higher than the price a year ago.
Retail prices of radishes and water parsley also increased by 65.9% and 94.5%, respectively, compared to a year ago.
The current strong seed prices are due to a decrease in production due to sluggish growth due to the heat wave that continued until last month.
On the other hand, the retail prices of seasoned vegetables green onion and ginger fell by 29.9% and 21.9%, respectively, compared to a year ago, and the price of red pepper powder fell by 7.0%.
This is because domestic supply is stable and import volume has also increased.
Looking at the cost of kimchi by region, Sejong was the highest among the 17 cities and provinces at 456,680 won, while Gangwon was the lowest at 385,760 won.
Additionally, purchasing kimchi ingredients at a large supermarket costs 521,440 won for a family of four, which is about 100,000 won more expensive than purchasing them at a traditional market.
This survey did not reflect government discount support.
The government previously announced measures to reduce the burden on consumers during the kimchi season by supporting events that lower prices of agricultural products by up to 40% and discounts of marine products by up to 50% while increasing the supply of kimchi ingredients.
Regarding this, an official from the Price Association said, “We need to monitor in the future to see how effective this measure will be in stabilizing kimchi prices.”
In addition, the Korea Price Association predicted that cabbage prices have recently shown stabilization, and the cost of making kimchi will be lower in the future.
The price of cabbage, the main ingredient for kimchi, fell 20% compared to two weeks ago.
Kim Ki-il, manager of the Living Prices Team at the Price Association, said, “Although cabbage prices are still high, the supply and demand during the kimchi season is expected to be good due to the expansion of fall cabbage shipments.” He added, “The burden is expected to ease somewhat after the middle of next month, which is the peak kimchi season.”
[Copyright (c) Global Economic Times. All Rights Reserved.]
