The Korea Agro-Fisheries and Food Trade Corporation (aT) predicts that the cost of setting up a Chuseok ancestral rite table will decrease by approximately 4.9% compared to last year.
As of September 6th, they estimate the average cost at 303,002 won, down from 318,620 won in 2022.
Traditional markets and large retailers are both contributing to the decrease, with prices in traditional markets falling by 3.2% and large retailers by 6.2%.
The decrease in costs is attributed to more stable prices and increased shipments of sacred items ahead of Chuseok.
Notably, the price of beef dropped by 11.2%, while brisket fell by 11.0%. However, prices of crab meat and ginseng increased due to rising raw material import costs.
To alleviate consumer burdens, the Ministry of Agriculture, Food and Rural Affairs will supply 149,000 tons of freshwater products, 1.6 times more than usual, and increase gift products like apples and pears.
They also offer discounts of up to 60% on agricultural and livestock products through a competition and support scheme.
