"Didn't Want to Raise Prices, but..." Even "Good Restaurants" Break Down

[Anchor]

The government announced that last month's consumer price inflation rate stayed below 3 percent for two consecutive months. It means prices haven't risen sharply compared to last year, suggesting stability. However, the prices we feel in our daily lives are completely different.

Reporter An Huijae investigates why.

[Reporter]

[March 29, 2024 '8 News': There is kimchi stew and seven side dishes. Yet, the price has remained at 6,000 won for two years.]

We revisited a diner designated by the government as a "good restaurant" for being cleaner and cheaper than surrounding places, two and a half years later.

Despite desperate efforts to keep prices frozen, they had ultimately raised most menu items by 1,000 won each, an increase of nearly 20 percent.

[Han Eun-suk / Owner of a "Good Price Establishment" in Singil-dong, Seoul: I didn't want to raise them, but with prices going up, there was no other way. Every ingredient, paper cups, everything has gone up. Even so, people still say our place is cheap....]

Another "good restaurant" revisited after three years and eight months.

In the past, you could get a meal for under 8,000 won, but with everything going up by 2,000 to 3,000 won, the restaurant menu boards look patched together like tattered clothes.

The owners lament that gas, electricity, monthly rent, and labor costs have all risen, leaving them with no choice but to raise prices by around 30 percent.

[Cho Myung-soon / Owner of a "Good Price Establishment" in Dangsan-dong, Seoul: (Thinking of regular customers) I held out as long as I could, and now I only hire part-timers for short shifts of about three hours each. I need to get some physical relief, too. So, we sell a bit less and raised the prices slightly.]

According to a survey by the Korea Consumer Agency, prices for popular everyday foods such as gimbap, jajangmyeon (black bean noodles), kalguksu (knife-cut noodles), and naengmyeon (cold noodles) have surged by over 30 percent in five years.

This is why ordinary citizens do not feel the relief, even though last month's consumer inflation rose 2.8 percent, staying below the 3 percent mark for two consecutive months.

[Kim Sung-suk / Yeongdeungpo-gu, Seoul: (When grocery shopping) In the past, 15,000 or 20,000 won was enough, but now a 50,000 won bill disappears in no time. Prices continue to soar....]

As high inflation persists stubbornly for years, the accumulated weight is crushing both small business owners and ordinary citizens.

(Video Editing: Kim Jin-won, Design: Kim Ye-ji, VJ: Lee Ji-huan)
※ Please note: This article was translated by AI and may contain errors.