South Korea: Bread prices skyrocket by 5,000 won due to 'breadflation'

Iseongdang in Gunsan, Jeollabuk-do, which is considered a famous spot for the “Bread Pilgrimage,” raised the prices of popular products, red bean bread and vegetable bread, by 200 to 300 won, respectively, in December of last year. After raising the price by 100 to 200 won in March last year, the price was raised again in nine months. This is the first time that the price of the same product has been raised twice in the same year. Seongsimdang in Daejeon raised the price of soboro bread from 1,000 won to 1,300 won and salt bread from 1,200 won to 1,500 won. The amount of free shipping orders has also increased from 30,000 won to more than 40,000 won. The rise in bread prices triggered by the global grain price fluctuation is unusual. There are concerns that “breadflation” (bread + inflation) will start in earnest from the beginning of the year, as the prices of flour and cooking oil, which skyrocketed due to the war in Ukraine last year, have hardly stopped, and the price of milk, ...