“It was a national dish, but it was close to 30,000 won.”
“The feeling of burning inflation in Korea”
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The appearance of Korean consumers taking an “open run” to a large market to buy 6,990 won chickens was featured on CNN in the US media.
On the 16th (local time), CNN reported: “The price of chicken is to the point of exceeding the 30,000 won range as the aftermath of inflation has hit Korea’s representative common food, chicken.”
In a video released by CNN, a scene of “outdoor running” running to a poultry shop as it opened to buy 6,990 won chickens at a large national supermarket was included.
The price of fried chicken was around 15,000 won a few years ago, but is now in the 30,000 won range due to inflation. CNN explained that selling chicken for less than half the price is why consumers flock. CNN reported that “a hypermarket sold 60,000 chickens for a week with a chicken event costing nearly 50% less.”
According to market research firm Euromonitor, national chicken restaurants earned $ 7.9 billion last year, the third highest after the United States and China. In the “consumer price trend for August” announced by the Korean government, the price of chicken increased by 11.4% compared to the same period of the previous year and the price increase was greater than that of other restaurants like kimchi stew or sashimi.
The sharp rise in chicken prices is due to the sharp rise in the prices of commodities such as wheat and sunflower oil in the aftermath of the Russia-Ukraine war. “The retail price of chicken has risen by more than 50% in the past two years,” Nomura Securities economist Park Jeong-woo said in a statement to CNN. He added: “The price of chicken has skyrocketed, as have the cost of oil, labor, deliveries and shop rent.
Shin Hyun-ah, Hankyung.com reporter [email protected]
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