The cost of living in Seoul is markedly higher than in other Asian cities because of soaring consumer prices. According to Numbeo, the world's largest cost-of-living database, Seoul ranks 77th in the world in terms of overall cost of living but 15th in grocery prices alone.
Singapore is the only Asian city ahead of Korea in cost of living at 26th, but its grocery prices are much lower at 48th.
Numbeo compares the cost of rent, food prices and other living costs in 557 cities around the world using New York City as the benchmark. Seoul's grocery prices are similar to those in New York (12th), San Francisco (13th), Boston (16th) and Seattle (18th).
Hamilton, Bermuda is the most expensive city in the world to live, followed by Zurich, Lucerne and Basel in Switzerland, and these cities also occupy top spots in grocery prices.
Most major Asian cities are cheaper than Seoul in both overall cost of living and groceries, with Hong Kong at 85th and 40th, Tokyo at 283th and 144th, and Taipei at 289th and 136th.
China is still relatively inexpensive, with Beijing ranked 396th for living costs and 365th for groceries.
Lee Eun-hee at Inha University said, "Korean food makers increased prices citing rising costs of grain, oil and labor, which resulted in grocery prices rising faster than in Southeast Asian countries, where fruit and food production is easier, and in Japan, where price growth has been suppressed by the weak yen."
Seoul boasted the highest prices of apples, bananas, oranges, tomatoes, eggs and beef among 120 Asian cities. Apples cost W8,500 per 1 kg, 1 kg of bananas W4,800, a dozen eggs W5,300, and beef W55,200 per 1 kg (US$1=W1,331).
Rice costs W4,800 per 1 kg, bread W4,000 per 500 g, potatoes W5,900 per 1 kg and lettuce W3,200 per head, ranking Seoul in second place among Asian cities. Seoul ranked third in Asia for chicken and fourth for onions.
It costs an estimated W1.54 million a month for a person living alone in Seoul to cover food, dining out, transportation and public utility costs, excluding rent, while a four-person household needs to spend W5.6 million.
The comparable figures are W1.17 million and W4.15 million in Tokyo and W1.09 million and W3.97 million in Taipei. Even in Hong Kong, the cost of living for a four-person household is less than Seoul's at W5.3 million.
An official at the Ministry of Economy and Finance said, "We must consider that consumer prices in Japan are unusually low, while China recently saw consumer prices decline against a global trend of high inflation. We also need to compare OECD member nations," where inflation surged to 5.9 percent in July compared to Korea's 2.3 percent.
