South Korea’s grocery prices remained among the highest in the Organization for Economic Cooperation and Development in 2024, according to data released on July 9, underscoring the country’s persistently high cost of essential food items even as its overall consumer price level stayed below the OECD average.
OECD statistics based on purchasing power parities (PPP) showed South Korea’s price level for food and non-alcoholic beverages at 146 in 2024, or 46% above the OECD average of 100. The reading ranked the country second among the OECD’s 38 member economies, trailing only Switzerland, which posted an index of 147.
The PPP-based price level index compares the prices consumers pay across countries after adjusting for differences in purchasing power, providing a measure of the relative cost of goods and services.
South Korea’s grocery prices remained well above those in other major advanced economies. Japan recorded an index of 121, while the United States stood at 107. Among Europe’s largest economies, France registered 100, Germany 95.2, and the United Kingdom 91.4.
The country has ranked at or near the top of the OECD for grocery prices over the past three years. South Korea posted an index of 152 in 2022, tying Switzerland for second behind Israel’s 155. In 2023, the index eased to 150, but South Korea overtook Switzerland to become the OECD’s most expensive grocery market. Although the index slipped to 146 in 2024, it remained second only to Switzerland.
Prices for other essential consumer goods also exceeded the OECD average. Clothing and footwear registered an index of 115, while education costs stood at 108.
By contrast, South Korea’s overall household final consumption price level measured 78, placing the country 23rd among the OECD’s 38 member economies and well below the OECD average.
