Food expenses for the lowest income class in South Korea have risen by almost 40% in the past five years, putting a heavier financial strain on this demographic. The data shows a widening gap in food expenditure between the lowest and highest income earners.
Food expenses for the lowest income class in South Korea have surged nearly 40 percent over the past five years, highlighting the increasing financial strain on low-income individuals amidst soaring food inflation. According to government data released on Sunday by Yonhap, people in the bottom 20 percent of the income bracket spent an average of 434,000 won (US$300) on food in 2024, a significant increase from 313,000 won in 2019. This represents a 38.
6 percent jump in monthly food expenditures for this demographic.South Korea's overall household food expenses also rose during this period, increasing by 175,000 won, or 26.3 percent, to an average of 841,000 won. Even those in the highest income group experienced an increase in food spending, reaching 1.32 million won in 2024, up 27.1 percent from 1.04 million won in 2019. The food and beverage price index climbed to 122.9 in 2024, a substantial 28.3 percent rise from 95.8 in 2019, outpacing the 14.8 percent increase in South Korea's overall consumer price index over the same five-year period.Furthermore, the price index for food services, encompassing restaurant and catering prices, surged by 22 percent, rising from 99.2 to 121 during the cited period. Experts emphasize that the sharp rise in food prices disproportionately affects lower-income individuals as they allocate a larger proportion of their income towards food compared to higher-income households. Statistics Korea data reveals that those in the lowest income bracket spend 45 percent of their disposable income on food, while the top-income group allocates only 15 percent
Food Inflation South Korea Income Inequality Consumer Prices Low-Income Households
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