[WORD_ON_THE WEB] 'My money’s gone as soon as I get my hands on it'

Letters

Published: 09 Feb. 2022, 17:56 Updated: 10 Feb. 2022, 16:57

[WORD_ON_THE WEB] 'My money’s gone as soon as I get my hands on it'

Customers shop for grocery at a Hanaro Mart in Seocho, Seoul, last week. Consumer price continues to grow, adding burden to average households. [YONHAP]

The cost of eating out has shot up in January, marking a 5.5 percent increase on year, a 13-year high.

According to data from Statistics Korea, prices of 39 dishes increased compared to last year, with prices of affordable staples like gimbap, burgers and ramen all increasing by more than 7 percent. The price of coffee also went up by 1.6 percent, marking the first time the cost of Korea's favorite non-alcohol drink has increased significantly.

Rising grocery costs and labor costs both played into the price increase. The price of processed food increased 4.2 percent compared to the same month last year, while the list of items that costs more now includes noodles, soy sauce and flour. The increase of produce prices slowed compared to December, but was high at 6.3 percent.

Some analysts predict that costs will continue to rise as international oil prices keep rising. Finance Minister Hong Nam-ki commented that “a global supply shortage — including in raw materials — is largely responsible for rising prices, so the government is deliberately considering how to respond.”

#always_on_the_rise
“It’s getting so hard to get by these days. My wage stays the same, but the prices keep rising… My money’s gone as soon as I get my hands on it.”
“Everything just feels so much pricier… Even when I eat out alone, the cost is easily over 10,000 won ($8.50).”
“The ingredients are much more expensive, but there are fewer customers. We as vendors are frustrated also.”

#price_increases_inevitable
“The minimum wage and other expense rates are so much higher, of course everything needs to be more expensive.”
“The international oil price is out of control right now, everything is pricier than before — not just groceries. The price increase is inevitable. We can’t control the international oil price.”

#time_for_action
“I know that the prices are higher in general, but government policies aren’t for show. At least come up with something so that folks can make a living.”
“They’ve made everything more costly — including the labor cost and house prices. The prices have no choice but to rise at this point. The government should take charge and come up with confrontational policies. I think we all knew that this was going to happen when the minimum wage was raised.”

BY LEE SO-HEON, YOO JI-WOO [yoo.jiwoo@joongang.co.kr]