Prices of products ranging from daily necessities to luxury brands soar at the start of 2023

 

 

South Korea is facing another wave of price rises at the start of 2023. Last year was mostly about processed food prices increasing but now products ranging from daily necessities to fashion items have followed suit. Just a few purchases from convenience stores are becoming a huge burden for consumers. One major consumer goods company raised the prices of some of its products sold in convenience stores on the first day of this year. Powder laundry detergents are now up 18 percent to over 5 U.S. dollars, dish soaps increased 15 percent to 3 dollars 70 cents. Prices of shampoo and toothpaste jumped as high as 16 percent. "A single can of Coca-Cola in a convenience store used to cost 1900 won or 1 dollar 50 cents. But in 2023 the price has now risen to a dollar 60 cents dollars, while another brand of cola, Pepsi, has seen its price increase by 16 cents." The price of canned coffee jumped 20 percent to 1200 won or almost 1 dollar. Processed food, too, has seen further price hikes. "I often go to a convenience store at my dorm. I used to buy ramyeon for my meal but now it costs almost 2000 won, so it makes me hesitant about buying one." "I recently have thought it would be better to buy things in large supermarkets than convenience stores after seeing the price rises there." And amid the recent "milkflation" phenomena prices of dairy products are soaring. One major coffee shop franchise said it's inevitable to raise prices by 200 won or 16 cents for all items that include milk. Adding to this, fashion and luxury brands are also upping prices. A classic shoe brand company based in the U.S. raised the prices of its popular products in Korea by 10 percent. Some luxury brands like Chanel and Rolex are also raising the prices of their best-selling items including perfume and watches by more than 6 percent. One expert says, an increase in public utility charges may also further contribute to rising consumer prices. "Experts are predicting that the government will raise utility charges. If these charges go up, companies that use energy like gas and electricity to produce their products and services will also raise the prices of their products, too." However, he added that as consumer prices are relatively stable compared to a year earlier inflation may ease in 2023, but consumer prices may remain high for a while.


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Vocabulary:
1. Necessity - an indispensable thing 
2. Follow suit - conform to another's actions 
3. Inflation - an increase in the general price level of goods and services in an economy 

 

Questions:
1. Discuss the new wave of price rises happening in South Korea. 
2. Talk about the prices of some convenience store items. 
3. What can further contribute to rising consumer prices? 
4. What does inflation mean to you on a daily basis? 
5. How does high inflation affect the economy and the people in it?