
A typical traditional market in Seoul which offers one-stop- shopping for anything Korean.
By Foong Pek Yee
SURGING inflation saw the South Korean government releasing its reserves for 20 major food items into the market to ease the people’s hardship beginning next week.
Ahead of the Chuseok Festival on Sept 10, the move, under a Livelihood Stability Package, also brings some relief to South Koreans who are hit by massive floods in Seoul this week.
According to Arirang News today, topping the list of the 20 items that saw a huge spike in prices this year are cabbage, radish, onion and apples.
On a year-on-year basis, the price of daikon or Korean radish shot up by 43% in July, followed by cabbage (34%) and onions (25%) – key ingredients for Korean cooking and kimchi.
Potatoes and apples also saw a 34% and 17% price increase respectively in the same period .
The release of the government’s food reserves from Aug 18 to Sept 6 is expected to bring the price of the items down to that of last year, says Arirang News.
Seoul is home to about 10 million South Koreans and, preparations for Chuseok has been dampened by the the floods which have caused massive damages and untold misery to the affected.
As of Thursday, news reports said 11 people have died in the floods while another eight still missing.
The rainfall on Monday, the start of the massive downpour for next two days, is reportedly the highest in Seoul in the last 115 years.
Chuseok, celebrated on the 15th day of the 8th month in the Lunar Calendar (Sept 10 this year), is the second major festival after Seollah(Korean Lunar New Year)
Celebrated in mid autumn, the annual Chuseok to thank ancestors for a bountiful harvest, sees South Koreans leaving Seoul in droves for their hometown to celebrate with the elderly.
Apart from releasing the food reserves, the government has also announced USD50mil discount coupons for people to shop at supermarkets and traditional markets.
And this is expected to give shoppers an average of between 20% and 30% savings, reports Arirang News.
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