Soju Prices Increase at Highest Ever Rate in 2016

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The price of soju saw its highest rise since records were kept in 2000 according to Statistics Korea. The cost of the ubiquitous Korean alcoholic beverage went up 11.7 percent in 2016.

Yonhap reports that previous price hikes for soju were 8 percent in 2001-2002 and 3.7 percent in 2014-2015.

Other increases in consumer goods included:

The cost of eating out on average was up 2.5 percent from the previous year, as the prices of popular dishes, including beef and raw fish, were raised in the 4 percent range. The only food item whose prices declined was locally made tea, which dropped 0.1 percent, statistics showed.

Prices of spaghetti, coffee, chicken, hamburgers and duck meat rose under 1 percent.

The rising cost of restaurant food compares with a 1 percent rise in consumer prices for the year, making dining out more of a luxury, agency officials said.

 

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