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Food Price Gains Heavily Outstrip Disposable Income Growth in Q1

Written: 2023-06-26 08:04:14Updated: 2023-06-26 10:24:22

Food Price Gains Heavily Outstrip Disposable Income Growth in Q1

Photo : YONHAP News

New data shows the price growth of staple food items heavily outpaced the growth of disposable income of households in the first quarter of this year.

According to the Korean Statistical Information Service managed by Statistics Korea on Monday, the average disposable income per household stood at three-million-991-thousand won in the January-to-March period, up by three-point-four percent from the same period last year.

The earnings available after taxes, pension contributions and insurance subscriptions for low-income households in the bottom quintile only rose by an average of one-point-three percent from a year earlier.

On the other hand, the prices of processed foods that are favored by many households jumped nine-point-nine percent from a year earlier, while the prices of offerings at restaurants rose seven-point-five percent.

The prices of popular foods such as bread, snacks, ramen and ice cream all grew by more than ten percent during the period.

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