Finance2022-06-04 09:00
Office workers in Seoul suffer from 'lunchflation'
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| Jongno Street is crowded with people heading to lunch, June 3. Korea Times photo by Lee Yeon-woo |
On Friday around noon, the Gwanghwamun intersection was flooded with office workers heading to lunch. Some already got in long lines in front of popular restaurants selling cold noodles, looking for a brief respite from the hot temperatures. It almost appears as if the pandemic has finally come to an end, giving some relief to owners of small businesses like restaurants and a chance to make up for their losses.
However, restaurant owners now face another hardship ― inflation.
According to data released by Statistics Korea Friday, consumer prices rose 5.4 percent in May from a year ago, marking the steepest rise in 13 years and nine months.
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| Prices are changed on a menu board displayed in front of a restaurant in Jongno, June 3. Korea Times photo by Lee Yeon-woo |
Customers are also struggling.
According to a survey of 1,004 office workers by Incruit, a job search portal, 56 percent responded that they feel an "extreme burden" to eat lunch out, while 39.5 percent feel a "little burden." Only 0.2 percent responded that they don't feel a burden at all.
"I think I spend 13,000 won on average at lunchtime. Around 9,000 won for food and 4,000 for coffee," Lee Ga-young, an office worker in a queue in front of a restaurant, told The Korea Times.
According to the Korea Consumer Agency, it costs on average 8,077 won to have "kalguksu," or noodle soup, in Seoul, compared to 6,692 won in 2018. In the case of "bibimbap," the average price rose to 9,392 won from 8,830 during the same period.
Jeong Mi-kyung, an office worker who has worked for five years in Gwanghwamun, said she is concerned about the current price hike.
"Even gimbap is expensive nowadays. I occasionally have to invite my junior staff to lunch and sometimes I find it burdensome to pay for their meals," Jeong said, adding that she is extremely worried about how long the inflation will last.
The latest trend has given rise to the word "lunchflation," a newly coined term combining the words "lunch" and "inflation to describe the rising cost of lunch after the pandemic.
Despite the financial burden, office workers find it hard to seek an alternative.
"I packed my lunch and ate at my office when COVID-19 was at its peak. Even though it helped me save some money, it felt as if my working hours were much longer than before. Also, preparing food every morning is extremely exhausting," said Cho, a 28-year-old office worker.
