Ramyeon prices in S. Korea reach highest level since global financial crisis

A customer walks through the ramyeon section at a mart in Seoul. [Photo by Lee Chung-woo]

The price of ramyeon products in South Korea reached their highest level since the global financial crisis last month, indicating a significant surge in food price inflation, government data showed on Monday. Despite the overall easing of inflation rates, at least one out of four food items, including the popular food item in the country, continues to experience a price increase of over 10 percent.

The phenomenon can be attributed to the significant increase in food prices observed last year, driven by the base effect. When compared to two years ago, just before consumer prices began to rise significantly, eight out of ten food items experienced inflation rates surpassing the 10 percent mark.

According to Statistics Korea data, the consumer price index for ramyeon in May stood at 124.04, marking a 13.1 percent increase from a year ago, which is the highest level recorded in 14 years and three months, since February 2009 during the global financial crisis when the figure was 14.3 percent.

The inflation rate of ramyeon products exceeded the 10 percent threshold for eight consecutive months since it jumped from 3.5 percent in September of last year to 11.7 percent in October.

The significant increase in food prices is not limited to ramyeon alone but extends to other food items as well. Among the 112 specific food items in the processed food and dining out sectors, which serve as indicators for consumer food prices, 31 items, accounting for 27.7 percent, saw inflation rates topping 10 percent.

Jam recorded the highest inflation rate at 35.5 percent, followed by cheese (21.9 percent), fish cakes (19.7 percent), pizza (12.2 percent), soy milk (12.0 percent), coffee (12.0 percent), bread (11.5 percent), hamburgers (10.3 percent), kimbap (10.1 percent), and kimchi (10.1 percent).