South Korea's fast food chains hike prices as ingredient costs soar again
South Korea's fast food chains hike prices as ingredient costs soar again
South Korea's fast food chains hike prices as ingredient costs soar again
Fast food chains in South Korea have raised prices again as food costs continue to climb. McDonald's and Burger King both increased menu prices this month, following a steady rise in key ingredients. The moves come amid broader inflation in livestock, chicken, and imported goods.
McDonald's Korea adjusted prices on Friday, adding 100 to 400 won to some burgers and drinks. Burger King had already raised its prices by 100 to 200 won on selected items starting February 12. Both chains cited higher costs for beef, chicken, and other essential ingredients.
Prices for livestock products have jumped significantly in recent years. Beef, chicken, and pork now cost 4.3% more on average than in 2020, while fruit prices have risen by 8.3%. Imported goods, including U.S. beef, remain expensive despite lower tariffs. Chicken imports have also become pricier, adding pressure on restaurants and consumers.
Rice prices have seen some of the sharpest increases. A 20-kilogram bag now averages 63,386 won, up 15.8% from last year. Since 2020, the price has nearly doubled, peaking at 80,000 won in 2024 due to heatwaves, droughts, and supply chain disruptions. Government interventions, such as emergency imports, have only partially stabilised costs.
Everyday meals have become more expensive as a result. In Seoul, a single gimbap roll now costs 3,800 won on average, a 7.4% increase from last year. Pork belly, a staple in Korean cuisine, has risen to 21,056 won for 200 grams, up 3.8% over the same period.
In response, the Korean government has set up a task force to monitor living costs. The group will focus on preventing market collusion and addressing price surges in essential goods.
Fast food chains and local eateries are passing higher ingredient costs onto customers. With rice, meat, and imported goods all more expensive, dining out continues to get pricier. The government's task force aims to ease pressure on households, but food inflation shows no immediate signs of slowing.