Consumers face a fresh wave of price increases as soon as the Chuseok holiday ends. Snacks, beverages, intercity and express bus fares and theme park admissions are all set to rise in October. With the large discount campaigns that eased grocery costs during the holiday also winding down, the price pressure consumers feel could exceed the actual rate of the increases.
Snacks and Drinks Lead the Round of Hikes
According to food and retail industry sources on the 27th, Haitai Confectionery will raise prices on 25 brands, including Oh Yes, Home Run Ball, Pocky and Gohyang Mandu, by an average of 7.8% starting Oct. 1. The repriced products will be supplied in stages according to inventory levels at each retailer.
By product, a 36-gram pack of Free Time rises 16.7% to 1,400 won from 1,200 won, the steepest increase among the main items. A 46-gram pack of Pocky rises 15.8% to 2,200 won from 1,900 won, and a 46-gram pack of Home Run Ball goes to 2,000 won from 1,900 won. A 360-gram pack of Oh Yes moves to 7,000 won from 6,600 won, a 126-gram pack of hard candy to 2,200 won from 2,000 won, and a 900-gram pack of Gohyang Mandu to 10,380 won from 9,480 won.
Some products keep the same price tag but shrink in size. Fourteen items across five brands — Ppasae, Osatsu, Honey Butter Chip, Calbee Potato Chips and Ice Cool — will be reduced in weight instead of repriced. Haitai Confectionery said higher crude oil and raw material prices have pushed up manufacturing and logistics costs.
Beverages are no exception. Woongjin Foods will raise prices on more than 20 items, including Achim Haetsal, Chorok Maesil, Haneul Bori and Jayeoneun, by an average of 7% on the same day. At convenience stores, 500-milliliter bottles of Achim Haetsal and Chorok Maesil go to 2,500 won from 2,350 won, while organic Haneul Bori and kamut brown rice tea in the same size rise to 2,600 won from 2,500 won.
The burden could feel heavier still. Ahead of this year's Chuseok, the government ran a campaign with about 20 food companies offering discounts of up to 64% on more than 4,700 processed food items. Those discounts disappear as the holiday ends, just as the announced price increases take effect.
Food makers say they have absorbed higher costs for raw materials, foreign exchange, fuel and logistics on their own or delayed price adjustments, but can no longer hold out.
Bus Fare Ceilings Up 9% in First Increase in Three Years
Long-distance travel also gets more expensive in October. Under a fare revision announced by the Ministry of Land, Infrastructure and Transport on Aug. 26, the fare ceilings for intercity and express buses each rise 9% on Oct. 1. It is the first change in about three years, following a 5% increase in July 2023.
Applying 9% to the current adult one-way fare from the Seoul Gyeongbu Express Bus Terminal to Busan, a standard express ticket would rise about 2,400 won to roughly 29,100 won from 26,700 won. A premium express ticket would climb about 3,600 won to roughly 43,300 won from 39,700 won. The ceiling is the maximum an operator may charge, however, and actual fares on each route are set through separate procedures within the revised limit.
Bus operators had sought increases of 17% for intercity services and 20.1% for express services, citing higher labor and fuel costs. The ministry settled on 9% after weighing its cost review against the burden on passengers.
Ridership has yet to recover from the COVID-19 pandemic. Daily intercity bus passengers fell by half to 270,000 last year from 540,000 in 2019, according to the ministry. Express bus ridership dropped about 30% over the same period, to 58,000 from 83,000.
Routes have thinned as well. Intercity bus routes numbered 3,177 last year, down 4.7% from 2019, while express bus routes fell 21% to 164.
"Intercity and express bus routes are essential public transportation for the regions, and many are being scrapped as profitability deteriorates, so a minimum fare increase is necessary," said Jang Gu-jung, director general for comprehensive transport policy at the ministry, adding that the ministry would ensure the revenue gained from the fare revision goes toward new routes and service improvements.
Everland Day Pass Tops 70,000 Won From Oct. 6
Autumn outings will cost more, too. Everland is raising all day-pass prices by 3,000 won starting Oct. 6.
As a result, the October day pass for adults and teenagers rises to 71,000 won from 68,000 won, crossing the 70,000-won mark. Passes for children and seniors move to 61,000 won from 58,000 won.
The annual "365 Standard" pass also rises by 10,000 won. For new sign-ups, the adult pass goes to 300,000 won from 290,000 won and the children's pass to 240,000 won from 230,000 won.
Rival Lotte World raised prices earlier this year, in April, lifting its adult one-day comprehensive pass by 3,000 won to 67,000 won from 64,000 won. The list price for an adult one-day ticket at the country's two largest theme parks now ranges from the high 60,000-won level to the low 70,000-won level.
Theme park operators say they need continued investment not only in facility maintenance and safety management but also in new attractions, intellectual property content and seasonal festivals and performances. Everland cited new content development, infrastructure upgrades and accumulated cost and labor increases as reasons for the latest adjustment.
