Glutinous rice prices increase, Korean mooncake prices increase

Ahead of the Mid-Autumn Festival, the price of glutinous rice in Korea has increased sharply, causing the price of traditional cakes, especially Songpyeon (half-moon shaped rice cakes often used during the Mid-Autumn Festival), to increase sharply.

Songpyeon - a type of rice cake often used during the Mid-Autumn Festival in Korea - Photo: YONHAP

Responding to Yonhap News Agency, a rice cake shop owner in Mapo District (Seoul) said the price of an 80kg bag of glutinous rice is currently at 400,000 won (more than 285 USD), nearly double compared to last year, while the price of regular rice has also increased by nearly 100,000 won (more than 71 USD) per bag.

"Rice prices are rising so fast that sometimes I don't dare look at the bill because I feel pressured," this person said. Despite the high costs, most bakeries do not dare to increase prices for fear of losing customers, and accept lower profits.

According to the Korea Agro-Fisheries Distribution Corporation, the average retail price of glutinous rice at the end of September was 6,412 won per kilogram (equivalent to 4.58 USD), up 61.1% from last year. Non-glutinous rice was 66,061 won per 20 kg (about 4.18 USD), up 29.6%.

The rise in rice prices is believed to be due to tight supply after the government took 260,000 tonnes of rice off the market last year to prevent prices from falling, reducing this year's rice inventories.

Some shops have had to make adjustments, such as raising the price of Songpyeon by about 20% or increasing the price of Sikhye (a traditional Korean dessert made from fermented rice with barley malt) by 500 won (about 0.36 USD). However, most shops are still trying to keep prices low to avoid losing customers, hoping the market will stabilize soon.

In addition, purchasing power during the holiday has also decreased significantly compared to before the COVID-19 pandemic. While many families used to buy 10 to 20 kg of rice cakes, now they usually only buy 1 to 2 kg due to fewer gatherings and simplified rituals. "In the past, Mid-Autumn Festival was a big business season, but now it is only a memory," lamented a shop owner selling traditional Korean cakes.

UYEN PHUONG

Source: https://tuoitre.vn/gia-gao-nep-tang-banh-trung-thu-han-quoc-doi-gia-20250929231622856.htm