Processed food prices are on the rise overall... Increased consumer burden

As the prices of processed foods are rising overall, the burden on consumers' shopping carts is increasing.

According to the August price trend of 'Participation Price', the comprehensive price information portal of the Korea Consumer Agency on the 4th, the prices of 24 out of 26 highly consumed processed food items showed an increase compared to the same month last year.

The items with the largest increase were soups and stews, with an increase rate of 39.2%.

Cup rice (24.9%), red pepper paste (19.8%), soybean paste (19.1%), cola (16.8%), and noodles (16.1%) followed.

However, for soups, stews, and red pepper paste, the product composition has changed due to sample maintenance in January of this year. Based on the same product, the growth rate for soups and stews is lowered to 15.7% and for red pepper paste to 4.2%.

It was also noticeable that the successive price increases by food companies this year were reflected in the actual selling prices of items.

The price of instant rice rose 5.7% from the previous month, cola rose 6.7%, ketchup 4.3%, curry 4.1%, and canned tuna 3.9%.

The Korea Consumer Agency analyzed that in the case of instant rice, the selling price of instant rice rose sequentially at large supermarkets and convenience stores after the manufacturer announced a price increase.

By product, the price of instant rice increased by 6.6% for 210g Hetbahn and 10.3% for 6-pack Hetbahn.

The prices of all cola items rose, with Pepsi-Cola and Coca-Cola rising 7.6% and 5.8%, respectively. The selling prices of curry and ketchup also rose after the manufacturer increased the factory price.

On the other hand, monthly prices also fluctuated significantly depending on distributor discount events.

The price of cooking oil in August fell 17.0% from the previous month, but this was largely due to discounts of about 50% on grape seed oil and canola oil products in supermarkets. There was no change in prices at large supermarkets and department stores.

On the other hand, not all food prices rose.

Of the 10 items under intensive management, 6 had lower prices than a year ago.

Flour fell 13.1%, and cooking oil (-6.4%), sugar (-5.2%), coffee mix (-3.0%), milk (-1.9%), and bread (-1.5%) also fell.

In particular, flour prices have fallen for 11 consecutive months since September of last year.

Price trends for each item were mixed, with eggs up 8.2%, rice up 8.5%, and toilet paper up 16.8% compared to the same month last year.