The price of walnut snacks, popular at highway rest areas in South Korea, has risen by 7.4% over the past year, with some areas responding by reducing portion sizes instead of raising prices directly.
The cost of walnut snacks, a popular choice among travelers at South Korea's highway rest areas, has increased by 7.4% over the past year, highlighting a broader trend of rising food prices in the region. According to data submitted by the Korea Road Corporation, the prices of the top ten best-selling items at rest areas have risen between 2.2% and 7.4%, with walnut snacks experiencing the highest increase. The recommended retail price for these snacks was adjusted from 3,000 to 3,200 KRW in January due to rising costs of raw materials and labor, marking the first price increase following a prolonged freeze of three and a half years.
In addition to walnut snacks, coffee prices have also seen a notable uptick, with popular items such as Americano and Café Latte witnessing price hikes of 4.4% and 3.5%, respectively. These increments are attributed to increased prices at franchise coffee shops over the previous year. Moreover, the prices of various meal options at rest areas, such as tonkatsu and noodles, have also risen, underlining the inflationary pressures facing consumers in the country.
The phenomenon of 'shrinkflation' has emerged in some cases, where product sizes are decreased while prices remain the same, effectively raising the unit price for consumers. For instance, at certain rest areas, the weight of potato snacks has declined significantly while maintaining their price, leading to substantial increases in the implicit cost per gram. Despite attempts to introduce cost-effective options, the adverse impacts of inflation have forced most menus to revise their prices upward, exacerbating the financial burden on consumers.
