Food Prices Increases Outpace Disposable Income Growth for 7th Consecutive Quarter

The increase in food prices outpaced the growth of people’s disposable income in the first three months of the year, a trend that has continued for seven consecutive quarters.

According to Statistics Korea on Monday, the average disposable income of the nation’s households marked four million 46-thousand won in the first quarter, edging up one-point-four percent from a year earlier. Disposable income refers to the money available for consumption after the deduction of taxes. 

In comparison, prices at restaurants jumped three-point-eight percent in the first quarter, two-point-eight times higher than the growth of disposable income. 

The prices of processed food products increased two-point-two percent in the period, one-point-six times larger than the growth of disposable income.  

The rise of these food prices exceeded the growth rate of disposable income for the seventh consecutive quarter from the third quarter of 2022.