Beef prices have soared 100
简介The cost of daily necessities in South Korea has surged over the past 50 years amid the nation' ...
The cost of daily necessities in South Korea has surged over the past 50 years amid the nation's rapid economic growth and soaring inflation, revealed data released Monday.
According to data compiled buy the Korea Price Research Center, a 1 kilogram cut of Korean beef that would have cost 1,366 won in 1974 now costs 145,900 won ($108), while the price of pork rose from 700 won per kilogram to 31,800 won during the same period. Beef and pork experienced the steepest price hikes of 100-fold and some 45-fold, respectively.
The price of rice rose by some fivefold from 813 won per kilogram in 1983 -- the earliest year the data was collected -- to 4,200 won in 2023.
Ten eggs initially cost 240 won in 1974, but rose to 3,980 won in 2023, a rise of some 16-fold.
The price of a head of cabbage, which cost 80 won in 1974, rose to 3,980 won in 2023, seeing a 50-fold increase in costs.
For fishery products, the price of mackerel, one of most popularly consumed fish in Korea, increased by a factor of six from 800 won per fish in 1988 -- the earliest year the data was collected -- to 4,580 won this year, while the price of 1 kilogram of squid increased by ninefold from 600 won, to log 5,400 won, during the same period.
In addition, the price of ramen, one of the most commonly consumed products in Korea, surged by a factor of eight over the last 50 years. The price of a packet of ramen at 120 grams, which cost 100 won in 1978 -- the earliest year the data was collected -- surged to 820 won in 2023.
A bottle of soju at 360 milliliters, another popularly consumed daily product for Korean consumers, also experienced significant price growth over the last 50 years. The price rose by a factor of 14 from 95 won in 1974 to 1,370 won this year.
Meanwhile, the price of a bottle of 360 ml beer rose sixfold from 235 won to 1,580 won during the same period.
“Policies that centered around export-led industrialization, which led to an increase in the flow of money in the country, contributed to (overall) inflation,” said an official from the KPRC via the report.
According to the official, rapidly increasing domestic demand and drastic changes in international raw material supply over the past 50 years also contributed to inflation.
"South Korea has created a strong economic system (over the last 50 years) by experiencing alternating (economic) shocks and recoveries via various crises. Thanks to this, Korea has been able to transform from a small country without any resources, to one with the 10th-largest global economy in the world," he said.
However, the KPRC report highlighted that although Korea has seen stellar development based on rapid economic growth since the 1980s, the growth rate of the country's economy in the 2020s has been stalling, maintaining an annual average of 2 percent.
"A low birth rate, aging population and low economic growth rate is currently causing the biggest crisis in 70 years of Korean economic history," the report said.
According to the data from Statistics Korea released in February, last year’s total fertility rate for Korea posted an all-time low of 0.78. The number is half of the Organization for Economic Cooperation and Development's average at 1.59.
이낙연 전 총리가 지난달 28일 서울 용산구 백범김구기념관에서 열린 사단법인 연대와공생 '대한민국 위기를 넘어 새로운 길로' 포럼에서 기조연설을 하고 있다. 뉴스1이낙연 전 더불어 ...
South Korea's economy is expected to achieve a growth rate of 2.1 percent in 2024, according to ...
South Korean stocks fell by almost 1 percent Friday, as investors moved to lock in profits from rece ...
- Hyundai, Kia named top exporters of the year
- “北, 무단철거 금강산 골프장서 옥수수 건조”
- 'Basel Night' at Swiss Embassy in Seoul heralds Basel's cultural legacy
- UAE President's Seoul visit postponed amid Middle East tensions
- 'Making economy more dynamic a top priority': finance minister nominee
- Le Sserafim becomes house ambassadors for Louis Vuitton
Man adopts 2 cats, just to kill them
Yoon says improved relations between S. Korea, Japan are people's will
한 경기도 안 뛰고 병역 면제?…국감 오른 아시안게임 '병특'
Conflict between Fifty Fifty and agency Attrakt continues to escalate
Twitch plans to shut down in S. Korea over high network costs
Striving to be the best, TXT returns with 3rd LP
- [Our Museums] Exploring quirky yet thoughtful world of Mr. Toilet House
- Prosecutors seek 30
- S. Korea, Britain vow closer ties in nuclear energy sector
- Seoul shares open lower on Fed minutes, Nvidia results
- 김영진, 원희룡 인천 계양을 출마설에 “이재명과 맞대결 환영”
- Cemeteries, columbariums reinvent themselves as sanctuaries for the living
- S. Korea hints at halt to 2018 inter
- E. coli found in Echire butter
- Number of youth addicted to online gambling rises
- South Korea’s digital reputation dented by government network outage
- S. Korea, US, Japan install trilateral communication hotline amid N. Korea, China challenges
- One Store attracts W20b from Krafton
- Biden says Hamas must be eliminated, US officials warn war could escalate
- Hamas weapons, tactics resemble those of NK: JCS
- Celltrion partners with US pharmacy chain for Yuflyma sales
- Over 1,300 rescue workers still traumatized by Itaewon Halloween tragedy
- 北, 러시아 외무장관 방북 발표…내달 18~19일 방문
- S. Korean diplomat discusses NK human rights with US envoy
- MBK chairman makes donation to promote Korean art at New York's Met
- SC Bank Korea CEO nominated for fourth term
- US strategic bomber B
- 윤 대통령 “국민소통·현장소통·당정소통 강화하라”
- [view] 민심 더 싸늘해지는데…감동 없는 김기현 2기
- Beef prices have soared 100
- GOT7’s Youngjae to release 1st solo LP “Do It” next month
- USS Carl Vinson deploys for Indo
- Cast of ‘Norma’ says opera difficult to sing but easy to enjoy
- S. Korea set to open largest
- Yoon lauds rapid growth of Korean defense industry
- Foreign workers' deaths get weak sanctions