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Tag: food price

  • Food prices escalating after minimum wage hike in South Korea

    Food prices escalating after minimum wage hike in South Korea

    The cost of food and basic necessities in South Korea is continuing to rise, after the government decided to raise the minimum wage in January by the largest annual increase in 17 years.

    Scores of food and beverage establishments have raised prices due higher costs for labor and ingredients.

    A franchise specializing in grilled pork and a Chinese restaurant chain raised prices by at least a dollar. A bowl of soybean paste noodles costing around $4 is now priced at $5.

    Fast food restaurants including McDonalds, KFC, Burger King and Lotteria all adjusted their prices between one to eight percent after the minimum wage hike, as did major bakeries and coffee shops.

    Prices of groceries and basic necessities are also on the rise, particularly in convenience stores which employ part-time workers on minimum wage.

    Rice balls, sandwiches and ready meals have recently become up to 10 percent more expensive as have rice, fizzy drinks, as well as canned and frozen foods.

    One convenience store chain even raised prices for its own brand products including wooden chopsticks, paper cups and hair ties.

    “We decided to raise our prices following the continuous requests of our small-and-medium enterprise partners,” GS retail said.

    Prices will likely continue to rise until next year for across a broad spectrum of industries — not just the food and retail sectors, according to market observers.

     

  • Food Prices Spark Inflation in June

    Food Prices Spark Inflation in June

    The National Statistics Agency (BPS) head Suryamin said that inflation in June 2016 was 0.66 percent with increase in food prices as a factor. In addition, increase in air fares had contributed significantly to inflation. “An 8.27 percent increase in air fares had contributed to 0.08 percent of inflation,” he said yesterday, July 3, 2016.

    According to Suryamin, price hike occured in 38 out of 82 cities in the consumer price index (CPI) survey. Food commodity which contributed significantly to inflation was broiler chicken, which experienced price increase by 5.36 percent with 0.07 contribution to inflation. The increase occured in 74 out of 82 cities in the CPI. “Price increase occured due to price hike at the distributors,” he said.

    Suryamin said that food commodity with third highest contribution to inflation was fresh fish. Price of fish soared by 2.15 percent with 0.06 percent contribution to inflation. Other cause of inflation was broiler chicken eggs with 5.86 percent increase in price and contributed 0.04 percent to inflation. Other commodity was sugar which price had risen by 6 percent since early Ramadan. Its contribution to inflation was 0.04 percent. “Potato and carrot also contributed to inflation,” he said.

    Other commodities that contributed to inflation were rice, spinach, apple, electricity prices, gold and jewelries, and public transport fares, which contributed 0.02 percent each to inflation. Of 13 commodities that contributed to inflation, Suryamin said that only one had held back inflation. “The one that held back [inflation] was shallot,” he said.

    Director General of Horticulture, Agriculture Ministry, Spudnik Sujono has given his assurance that shallot and chili peppers supplies are safe until August.