South Korea: Lowest income class' food expenses rise 40 pct over 5 yrs amid inflation
Food expenses for the lowest income class in South Korea rose nearly 40 percent over the past five years as soaring food inflation placed a heavier financial burden on low-income individuals, government data showed Sunday, Yonhap reports.
People in the bottom 20 percent of the income bracket spent a monthly average of 434,000 won (US$300) on food in 2024, up 121,000 won, or 38.6 percent, from 313,000 won in 2019, according to data from Statistics Korea.
South Korea's overall household food expenses rose by 175,000 won, or 26.3 percent, to an average of 841,000 won over the five years.
Those in the highest income group, in particular, spent 1.32 million won on food, up 27.1 percent from 1.04 million won over the same period.
The rise in food expenses was driven by steep inflation in food prices in the country.
The food and beverage price index reached 122.9 in 2024, up 28.3 percent from 95.8 in 2019, outnumbering the 14.8 percent increase in South Korea's entire consumer price index during the five-year period.
Moreover, the price index for food services, which includes restaurant and catering prices, rose by 22 percent from 99.2 to 121 over the cited period.
Experts noted that the sharp rise in food prices has had a greater impact on lower-income individuals as they typically spend a larger percentage of their income on food compared with the higher-income group.
According to separate Statistics Korea data, those in the lowest income bracket spent 45 percent of their disposable income on food, while the top-income group set aside only 15 percent.
As written before, global food prices fell by 2.1 percent in 2024 compared to the average for the previous year, mainly due to declines in cereal and sugar prices, according to the latest report released in January by the United Nations Food and Agriculture Organization (FAO).
