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From instant coffee to pork... consumer prices for grocery items soar ahead of Lunar New Year Updated: 2022-01-17 13:57:01 KST

It's taking longer for grocery shoppers to fill their shopping carts as they notice increases in the prices of goods.
If it were any other time, they would put the items back on the shelf, but that's not the case ahead of the Lunar New Year ceremonies.
According to a survey by the Korea National Council of Consumer Organizations, the prices of essential items like cooking oil and flour have spiked by more than 18-percent and exponentially for essential foods for ancestral rituals like pork and yellow corvina.
Daily items like toothpaste, shampoo and detergent are roughly 10-percent more expensive
and with the rise in prices of coffee beans, even instant coffee has seen an average price increase of 7.3 percent.

Starbucks changed its price list for the first time in eight years to reflect increased prices as other similar franchises follow suit.
The prolonged COVID-19 pandemic is behind the failure of global supply to keep up with consumption recovery which led to last year's prices increases on imported goods to hit a 13-year record high since the 2008 financial crisis.
The industry explained that they could no longer hold out on pressure to raise prices but for average people who may have already seen their livelihoods hit with reduced income, the price increases are bound to be harsher.

The government expanded stockpiles of agricultural and marine products before the Lunar New Year, and also raised the benchmark interest rate to pre-pandemic levels, but it is difficult to get a sense of when consumer price growth will begin to fall from recent levels.
Lee Eunjin, Arirang News.
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