Prices Rose for 24 of 26 Highly Consumed Processed Food Items Over the Past Year

[Financial News] Prices rose for 24 of the 26 processed food items with the highest consumption over the past year.
According to the August price trends published on the Chamgagyeok price information portal operated by the Korea Consumer Agency (KCA) on the 4th, prices rose year on year for 24 of the 26 highly consumed processed food items.
Soups and stews recorded the largest increase, with prices rising 39.2%. They were followed by cup rice at 24.9%, gochujang at 19.8%, doenjang at 19.1%, cola at 16.8%, and noodles at 16.1%.
However, the figures for soups and stews and gochujang partly reflected changes in the product mix following a sample revision in January. Based on identical products, the increases were lower, at 15.7% for soups and stews and 4.2% for gochujang.
Prices of instant rice rose 5.7% month on month, while cola, ketchup, curry, and canned tuna increased by 6.7%, 4.3%, 4.1%, and 3.9%, respectively.
The KCA analyzed that prices of instant rice rose sequentially at hypermarkets and convenience stores after manufacturers announced price increases.
By product, the price of a 210-gram package of Hetbahn rose 6.6%, while the price of a six-pack of Hetbahn increased 10.3%, driving up prices for instant rice.
Prices for cola products rose overall as Pepsi-Cola and Coca-Cola increased by 7.6% and 5.8%, respectively. Prices of curry and ketchup also rose after manufacturers raised their ex-factory prices.
However, not all food prices increased. Prices for six of the 10 closely monitored items fell from a year earlier. Flour dropped 13.1%, while cooking oil (-6.4%), sugar (-5.2%), coffee mix (-3.0%), milk (-1.9%), and bread (-1.5%) also declined.
[email protected] Kim Seo-yeon Reporter