Korea Daily Business News on Monday compared the prices of ten basic food items sold in major supermarkets in Seoul and New York. It found that food prices in Seoul are more than double those in New York.
These ten basic foods include: bread,EggApples, bananas, chicken, beef tenderloin,Milk, Onion, Coca-Cola, and a favorite snack among consumers. If we compare the lowest selling prices in physical stores, purchasing these ten food items at a supermarket in Seoul costs a total of US$17.57, which is 46% less than the US$11.97 spent at a supermarket in New York. % is more. In South Korea, the price of the same food may be lower when purchased online, but in the United States, the prices of the physical store and online store of the same supermarket are usually the same. Apart from this, while comparing the prices of food at both the places, it was also kept in mind that there is no additional tax on food in New York State.
Although there are promotions in supermarkets in both places, overall food prices in Seoul are still higher than in New York. The food with the largest price difference is chicken, which is 2.1 times more expensive in South Korea than in New York; Bread is 1.7 times more expensive, milk is 1.6 times more expensive, and eggs are also 1.5 times more expensive. Of the ten food items compared to each other, only snacks are cheaper to buy in Seoul. South Korea’s Nongshim Shrimp Crackers (Saeukkang) cost half as much per unit weight as American Doritos.
The difference in food price is even more noticeable due to the difference in income between the two people.According toSouth KoreaBank data shows that South Korea’s per capita gross national income (GNI) is $35,900, half that of the United States ($70,800). If we only look at the ten basic food items mentioned above, Seoul’s consumer price index is three times that of New York.
Although the price of groceries varies greatly depending on the type, it is naturally a relatively low-priced food. Once prices rise, it will inevitably put pressure on household expenses. Sung Tae-eun, professor of economics at Yonsei University in South Korea, explained: “If residents of a city have to buy basic food at expensive prices, their quality of life will inevitably be lower. There will be no financial margin, and “The income gap will continue to widen. Such a vicious cycle will ultimately weaken the city’s international competitiveness.”