Jung Min-hee

Surge Past 60,000 won for 20kg Bag

According to the “August Consumer Price Trends” released by Statistics Korea on Sept. 2, last month’s Consumer Price Index stood at 116.45, with 100 in 2020 as the base year, up 1.7 percent from a year earlier. While overall prices showed signs of stability, agricultural and livestock product prices jumped 4.4 percent year-on-year. In particular, rice rose 11 percent, pork 9.4 percent, and eggs 8.0 percent, showing steep increases in some items.

According to the Korea Agricultural Marketing Information Service operated by the Korea Agro-Fisheries & Food Trade Corporation (aT), the price of a 20kg bag of rice stood at 60,256 won (approximately $43.21) as of the previous day, surpassing the 60,000 won mark. Minister of Agriculture, Food and Rural Affairs Song Mi-ryeong said at a press briefing last month that “when the price of a 20kg bag of rice exceeds 60,000 won, consumers feel burdened,” meaning rice prices have effectively crossed the psychological threshold for consumers.

The surge in rice prices is largely due to a shortage of rice in circulation. The government pushed ahead with the market segregation of 262,000 tons of surplus rice last year. At the time, the government predicted that demand and supply would balance once the volume was segregated, but during the ripening period the rice grains did not mature well, causing a sharp drop in milling yield. When milling yield falls, production inevitably comes in lower than forecast.

Believing that the market supply of rice is insufficient, the government has since last month been supplying 30,000 tons of government rice to local distributors on a lending basis. However, the government explained that with the new harvest set to hit the market in October, rice prices could temporarily rise, so price trends will need to be monitored through November of this year.

The Ministry of Agriculture, Food and Rural Affairs is reviewing ways to expand rice price discounts to ease the burden on consumers. A ministry official said, “We are currently working with major retailers on a 3,000 won discount event for 20kg bags of rice, but we are considering raising the discount range to 4,000 to 5,000 won,” adding, “We think now is the time to pay attention to consumer rice prices.”

Published Date: September 3, 2025