Fried chicken and noodles now cost a few extra coins

Economy

Published: 13 Jun. 2022, 17:48

Fried chicken and noodles now cost a few extra coins

Prices of fried chicken in the country are soaring, increasing by 6.6 percent in May compared to last December according to the Korean Statistical Information Service (Kosis). [YONHAP]

Food prices surged rapidly as people started dining out more after most of the country's social distancing measures were lifted in May.

The dining-out price index rose by 4.2 percent from December through May, according to the Korean Statistical Information Service (Kosis) on Sunday.

In particular, prices of common, relatively cheap Korean "soul foods" are on the rise, with fried chicken recording the largest increase, followed by jjajangmyeon (black bean noodles) and tteokbokki (spicy rice cakes).

Prices of 39 food items increased this May compared to last December, with fried chicken rising by 6.6 percent, jjajangmyeon by 6.3 percent and tteokbokki by 6 percent, according to Kosis.

Other food items such as kalguksu (knife-cut noodles) surged by 5.8 percent, jjamppong (spicy seafood noodles) by 5.6 percent and gimbap (seaweed rice rolls) by 5.5 percent.

The price of jjajangmyeon in Seoul increased from an average 5,692 won ($4.4) to 6,223 won, kalguksu from 7,615 won to 8,269 won and kimbap from 2,731 won 2,908 won, according to the average price data from last December to this May by the Korea Consumer Agency.

Currently, the prices of fried chicken at the country’s major chicken franchises range from 16,000 won to 20,000 won.

Local chicken franchises such as BBQ, BHC, Kyochon, Nene, Goobne, Mexicana, Toreore and Gcova Chicken increased the prices of fried chicken on their menus by 1,000 won to 2,000 won beginning around the end of last year.

The soaring cost of ingredients needed for fried chicken such as raw chicken, frying powder and cooking oil has led these franchise restaurants to raise their prices.

The average price per kilogram (2.2 pounds) of raw chicken, excluding costs for curing, cutting, packaging and value-added taxes, rose by 17.9 percent to 3,518 won in May from last December’s 2,983 won, according to the Korean Institute for Animal Products Quality Evaluation.

Factors such as the soaring price of raw materials for agricultural and manufactured products and the recovery of consumption after eased social distancing measures contributed to the sharp rise in the dining-out price index. Other factors such as the Ukraine war and export restrictions on raw materials and food are adding fuel to the inflation of raw materials and food.

BY HAN YOUNG-HYE [cho.jungwoo1@jooongang.co.kr]