Food costs are rising fast for low-income households in Korea. Recent data shows that expenses for the lowest 20% of earners increased nearly 40% over the last five years due to high food inflation.
In 2024, this group spent an average of 434,000 won (about $300) per month on food. That’s a jump of 121,000 won, or 38.6%, from 313,000 won in 2019, according to Statistics Korea.
Overall, households in Korea saw food expenses climb by 175,000 won, a 26.3% increase. The highest income group spent even more, averaging 1.32 million won on food, which is a 27.1% rise from 1.04 million won during the same time.
This surge in food prices is largely due to inflation. The food and beverage price index reached 122.9 in 2024, an increase of 28.3% from 95.8 in 2019. This far outpaces the general consumer price index, which only went up by 14.8% in that period.
Restaurant and catering prices also saw significant hikes, rising by 22% during the same timeframe. For low-income individuals, this inflation hits hardest. They often spend a larger chunk of their income on food compared to those in higher income brackets.
Statistics show that those in the lowest income group allocate 45% of their disposable income to food, while the top earners spend just 15%. This widening gap highlights the growing financial strain on lower-income families in Korea.
Overall, the rise in food costs is a pressing issue that affects many Koreans, especially those with fewer resources.
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