This year in Seoul, the expense of buying key seasonal items needed to set the Lunar New Year ancestral rite table rose more than 4% from a year ago. It costs 233,782 won at traditional markets and 271,228 won at big-box stores.
The Seoul Agro-Fisheries & Food Corporation announced on the 9th the results of a survey on the "Lunar New Year ancestral rite table expense."
The survey covered a total of 25 locations in Seoul, including big-box stores, traditional markets, and the Garak Market (Garak Mall). Each year, the corporation releases the purchase expense for 34 key seasonal items with high demand for holiday (Lunar New Year and Chuseok) ancestral rite tables, based on a family of six to seven.
As a result, traditional markets came to 233,782 won, up 4.3% from a year ago, and big-box stores to 271,228 won, up 4.8%.
By item, prices differed between traditional markets and big-box stores. Traditional markets were cheaper than big-box stores for forest products (gotgam, jujubes), greens (bracken, peeled bellflower root), seafood (yellow croaker, pollock), and livestock products (beef, pork, chicken). In contrast, big-box stores were cheaper than traditional markets for fruit (apples, pears) and processed foods (cheongju, sikhye).
The purchase expense at Garak Mall, a comprehensive food material market located within Garak Market, was 205,510 won, down 4.3% from a year ago. Compared with traditional markets and big-box stores, it was lower by 12.1% and 24.2%, respectively.
Compared with other distribution channels (traditional markets, big-box stores), Garak Mall had lower prices for livestock products (beef, pork, chicken) and seafood (kelp, dried pollock). Among fruits, some items such as pears and gotgam were also lower than at big-box stores.
Ahead of the Lunar New Year peak season, the corporation expected fruit prices to remain generally stable. It also projected that vegetables will see stable supply and prices due to increased output and good growing conditions.
In contrast, livestock products are expected to remain firm in price due to the spread of highly pathogenic avian influenza (AI) and declines in breeding and slaughter. Seafood prices were projected to rise as import costs increase on external factors such as a stronger exchange rate.
For apples (Fuji), adverse weather has increased the share of medium and small sizes and left a shortage of large sizes, so prices are expected to rise for premium grades. Pears (Niitaka) have stable prices thanks to increased production and ample storage volumes. The popular Lunar New Year gift citrus varieties (Redhyang, Cheonhyehyang, Hallabong) are likewise expected to maintain stable prices.
Wintering vegetables such as napa cabbage, radishes, zucchini, and green onions have larger cultivated areas and good growing conditions, so prices are expected to be stable.
For yellow croaker, declining catches are continuing, and external factors such as a stronger exchange rate and higher import costs are expected to keep prices for imported croaker, including Chinese products, firm. Beef (premium Korean beef, known as hanwoo) is expected to rise in price due to fewer head being raised and reduced slaughter volumes. Chicken is also projected to show firm prices on reduced supply and the recent impact of highly pathogenic AI.
Alongside this survey, the corporation plans to hold a Lunar New Year rebate event to boost consumption of agro-fishery-livestock products and help stabilize grocery prices. At Garak Mall Sales Buildings 1 and 3 and the wholesale seafood building's second floor, shoppers who purchase domestic agricultural and livestock products above a set amount will receive Onnuri gift certificates.
The event runs from Feb. 10 to Feb. 14. Those who spend 34,000 won or more will receive a 10,000 won rebate, and those who spend 67,000 won or more will receive 20,000 won. It may end early if the budget is exhausted.
Moon Young-pyo, president of the Seoul Agro-Fisheries & Food Corporation, said, "We will thoroughly prepare and support to ensure smooth distribution of agro-fishery-livestock products during the Lunar New Year peak season," adding, "We will continue efforts to contribute to price stability that citizens can feel."