Food Prices Escalating after Minimum Wage Hike in South Korea

(From UPI)

The cost of food and basic necessities in South Korea is continuing to rise, after the government decided to raise the minimum wage in January by the largest annual increase in 17 years.

Asia Today reported Sunday thats scores of food and beverage establishments have raised prices due to higher costs for labor and ingredients.

A franchise specializing in grilled pork and a Chinese restaurant chain raised prices by at least a dollar. A bowl of soybean paste noodles costing around $4 is now priced at $5.

Fast food restaurants including McDonalds, KFC, Burger King and Lotteria all adjusted their prices between one to eight percent after the minimum wage hike, as did major bakeries and coffee shops.

Prices of groceries and basic necessities are also on the rise, particularly in convenience stores which employ part-time workers on minimum wage.

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