South Korea's Food and Beverage Prices Second Highest After Switzerland, Among OECD's Most Expensive for 3 Consecutive Years

South Korea's food and beverage prices, when adjusted for purchasing power, have remained among the highest in the Organization for Economic Cooperation and Development (OECD) for three consecutive years.
While the overall consumer price level remains below the OECD average, food prices have maintained a relatively high level.
According to OECD statistics on price levels based on Purchasing Power Parity (PPP) released today (July 9), South Korea's food and non-alcoholic beverage price index stood at 146 in 2024, which is 46% higher than the OECD average of 100.
The PPP-based price level is an indicator used to compare relative price levels by reflecting the purchasing power of each country.
In this index, South Korea's food prices ranked second among 38 member countries, trailing only Switzerland (147).
This is a high level even when compared to major developed nations.
Food prices in Japan (121) and the United States (107), as well as major European countries such as France (100), Germany (95.2), and the United Kingdom (91.4), were significantly lower than those in South Korea, with some differences exceeding 50 points.
South Korea's food price level has remained at the top of the OECD for the past three years.
In 2022, South Korea's food price index was 152, ranking joint second with Switzerland after Israel (155), and in 2023, it reached 150, surpassing Switzerland (147) to take the top spot.
Although the figure slightly decreased to 146 in 2024, it remained in second place behind Switzerland.
The price index for clothing and footwear, also considered essential consumer items, stood at 115, exceeding the OECD average.
Education costs (108) were also higher than the average.
On the other hand, the Household Final Consumption (HFC) price index, which covers all consumer items, was 78, below the OECD average.
This ranks 23rd out of 38 member countries.
Analysts suggest that while some prices, such as food and beverages, are high, the overall index is kept lower due to housing (54.7), transportation (75.3), recreation and culture (80.7), and restaurants and hotels (93.6) being below the average.
※ Please note: This article was translated by AI and may contain errors.