South Korea: Processed food prices rose again last month

Published 2021년 10월 12일

Tridge summary

The article highlights a significant surge in the prices of processed food in South Korea over the past year, with notable increases in the costs of noodles, salt, and other staples like rice cakes and bread. The most substantial price hikes were seen in noodles (19.2%) and salt (18%), driven in part by rising international oil prices. This inflation has led the government to consider additional financial and tax support measures to address the issue and prevent further price increases. The consumer price index for September, at 105.10 (2015 = 100), marks the largest increase in over nine years, with the annual inflation rate likely to exceed 2%. In response, the government is examining strategies such as enhanced communication with the dairy industry, reviewing further financial and tax support, and implementing measures to stabilize rice supply and pricing.

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Original content

(Picture is irrelevant to the article) / News 1 © News1 The price of processed food has continued to rise last month, with the price of noodles jumping 19.2% and salt price by 18% compared to a year ago. The government is planning to review additional financial and tax support measures for the industry to prevent the rise in processed food prices, saying that prices will rise further this month. According to the National Statistical Portal (KOSIS) on the 12th, the consumer price index for industrial products in September was 105.10 (2015 = 100), up 3.4% from the same month of the previous year. This is the largest increase in 9 years and 4 months since May 2012 (3.5%), and it is the third time since May (3.1%) and August (3.2%) of this year, it has risen more than 3%. Main article ‘Daejang-dong’ due to worsening public sentiment… Despite the dissatisfaction of Wen, the message of “a thorough investigation” and the leadership “the result of the ...

Source: Donga