18,000 Won vs. 8,800 Won: Comparing Prices Ahead of Chobok

[Anchor]

Joining us for Thursday's Friendly Economy is reporter Han Jiyeon. Han, Chobok is just around the corner.

[Reporter]

Chobok is synonymous with samgyetang (ginseng chicken soup). If you cook it at home, you can prepare it for 8,800 won.

Although inflation has risen, this is 2.8% cheaper than last year.

This year's Chobok falls on July 15, next week.

When it gets this hot, there is nothing better than samgyetang to beat the heat with heat.

The Korea Price Information surveyed the cost of ingredients for four servings of samgyetang at traditional markets. Adding up seven items—young chicken, fresh ginseng, glutinous rice, garlic, chestnuts, green onions, and medicinal herbs for broth—the total comes to 35,260 won, which is about 8,800 won per serving.

For four servings, that is 1,000 won cheaper than last year.

However, compared to 2022, it is still 12.5% higher, or about 4,000 won more.

The price drop is largely due to glutinous rice. Because the price of glutinous rice surged so much last year, it has fallen by about 23% this year due to the base effect.

The prices of young chicken, fresh ginseng, chestnuts, green onions, and medicinal herbs remained the same as last year, and garlic prices also remained stable.

However, it is too early to let our guard down.

This year's monsoon season started later than usual, and after the monsoon ends, record-breaking heatwaves are expected due to the heat dome phenomenon caused by omega blocking, where high pressure remains stationary. If the heatwave lasts, poultry farm operating costs will rise and the risk of chicken mortality will increase, so it is said that there is a possibility that the price of young chicken could rise after Jungbok.

[Anchor]

It is certainly cheaper to cook at home.

[Reporter]

Eating out was nearly twice as expensive as cooking at home, and that gap is widening.

According to the Korea Consumer Agency's T-Price, the average price of a bowl of samgyetang at restaurants in Seoul was 18,154 won as of last May.

That is an increase of 500 won, or 2.8%, from a year ago.

In the metropolitan area, it is usually between 17,000 and 18,000 won, while famous specialty restaurants can exceed 20,000 won, and those using wild ginseng or silky fowl can even reach the 30,000 won range.

The reason why restaurant prices keep rising while home-cooked ingredient costs are falling is that, in addition to ingredient costs, fixed costs such as labor, rent, electricity and gas bills, and logistics are all reflected in the price. The rise in logistics and distribution costs due to higher oil prices is also one of the factors pushing up the price of restaurant samgyetang.

It is expensive to buy it out, and it is cumbersome to prepare it yourself. That is why many people are buying samgyetang meal kits or instant foods these days.

They are available in various types ranging from 5,000 won to 9,000 won per serving, so if buying ingredients yourself feels burdensome, this could be a good alternative.

[Anchor]

Finally, you mentioned that those planning to drive for their summer vacation should check their car insurance?

[Reporter]

This is a period when the risks of secondary accidents on highways and vehicle flooding are significantly higher. It is a good idea to check whether you have signed up for special riders.

Accident risks increase during the vacation season due to long-distance travel and heavy rainfall. The Financial Supervisory Service has provided guidelines to keep in mind during the vacation season.

First, there is the issue of secondary accidents. This occurs when a vehicle stops on a highway due to an accident or breakdown and is hit by a car from behind; these have increased by 30% over the past four years.

The number of deaths and injuries has also increased by 46%.

The fatality rate of secondary accidents is five times higher than that of general accidents, but the rate of evacuating or taking safety measures was only 13.2%.

It sounds like a textbook answer, but if an accident occurs, you must secure a safe distance, evacuate, leave evidence, and report it.

Also, you should check in advance the day before leaving for vacation whether you have an emergency roadside assistance rider. Since this rider can provide services for emergencies that may occur during a trip, such as a flat tire or running out of fuel, please be sure to check it if you are planning a long-distance drive.

Flooding is also a concern during the monsoon season like this. Looking at the five-year average, the damage from summer flooding is 44.3 billion won, which is more than double that of normal times.

65% of the number of damage cases are concentrated in the monsoon season of July and August.

To be compensated for flood damage, you must have a special rider for damage from single-vehicle accidents. If you are compensated through this rider and are not at fault, your insurance premium will not increase, so please make sure you are covered before the monsoon season.

Beyond the special riders, avoiding flooding in the first place is the best option. It would be helpful to check weather information frequently and identify flood-prone areas in advance through emergency evacuation notification services.

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