Price Hikes Sweep Across Korea After Chuseok
The large-scale discounts offered during the Chuseok holiday have ended, while prices for food, transportation and leisure activities are all set to rise. The wave of price increases immediately following the holiday reflects a combination of companies’ mounting cost pressures and transportation ope
Following the Chuseok holiday, Korea's economy faces a wave of price hikes across various sectors. Companies are grappling with mounting costs, while transportation operators adjust to declining ridership. The food industry is leading the charge, with Haitai Confectionery & Foods raising prices for 25 brands an average of 7.8%. Its flagship chocolate bar, Jayu Sigan, will jump 16.7% from 1,200 won to 1,400 won.
Gohyang Mandu meat dumplings will eclipse 10,000 won for the first time. Beverage prices will also rise, with Woongjin Foods increasing prices for over 20 products by an average of 7%. The Ministry of Land, Infrastructure and Transport will raise long-distance bus fares by 9%, the first increase since July 2023. Everland's all-day admission fees will climb 3,000 won, surpassing 70,000 won. With Chuseok discounts ending, consumers can anticipate higher costs in October.
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