South Korea’s bakeries, restaurants feel ripples of Ukraine war
Al JazeeraSmall businesses in Asia’s fourth-largest economy are grappling with surging prices of flour and cooking oil. “I never imagined that I could get hit directly in this way.” Across South Korea, small business owners are learning firsthand how conflict in a country thousands of kilometres away can affect their bottom line. “My oil supplier even suggested I hoard oil if I have enough space, saying that the price could go well above 60,000 won by the summer.” The war in Europe has sent food prices soaring worldwide, with the UN’s food price index surging 12.6 percent in March, an all-time high. Despite surging costs, some small businesses navigating South Korea’s fiercely competitive market feel that raising prices is not an option. “But now the rising costs are squeezing margins.” “Since raising prices is not an option, I’m feeling pressure to open up more channels for business – delivery and online sales – something I’ve never done before.” The rising costs could have far-reaching implications for Asia’s fourth-largest economy.
History of this topic
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