Chuseok table costs rise 9.1% from 2023 due to high inflation

[Photo by Yonhap]

The cost of preparing a charye-sang, or traditional table for South Korea’s Chuseok holiday, has increased by 9.1 percent this year compared to a year ago, as inflation has raised the prices of most ceremonial food items.

The Korea Price Research Center (KPRC) estimated on Monday that the cost of a Chuseok table for a family of four will amount to 287,100 won ($216) if purchased from traditional markets, up 9.1 percent from last year.

The estimate is based on a price survey conducted on August 22 across 17 provinces and cities, covering 28 key ceremonial items.

Compared to the cost of Chuseok preparations ten years ago, this year’s prices are up 44.6 percent.

Among the 28 items surveyed, 23 saw price increases, while five decreased.

Prices for popular items like bellflower root, bracken, dried persimmons, jujubes, chestnuts, and pears surged by over 20 percent compared to last year. Chinese bellflower root prices, in particular, skyrocketed by 52 percent on-year.

In contrast, zucchini prices dropped by 29.5 percent. Among seafood, imported dried pollock saw an 11.9 percent increase, and among processed foods, traditional sweets such as yakgwa and yugwa rose by 17.2 percent and 21.3 percent, respectively.

Regionally, Ulsan recorded the highest costs at 308,520 won, while Daejeon had the lowest at 265,280 won.

The report also highlighted that preparing the Chuseok table at large supermarkets is even more expensive.

The average cost at major retailers nationwide is 364,340 won, making traditional markets 21.2 percent cheaper.

Specific items such as mung bean sprouts are 51.5 percent cheaper at traditional markets compared to large stores, while beef brisket, dried pollock, jujubes, and spinach were also 28 to 42 percent cheaper.

Over the past decade, the cost of Chuseok preparations has steadily climbed, largely due to rising prices of agricultural, livestock, and seafood products.

The cost of the Chuseok table, which was 198,200 won in 2014, has increased 44.6 percent in 10 years.

This increase mirrors the 46.5 percent rise in the consumer price index (CPI) for agricultural, livestock, and seafood products during the same period, which rose from 82.3 in 2014 to 120.6 this year.

By comparison, the overall CPI increased by 21.1 percent during that time, underscoring the significant impact of rising food prices on household budgets.