Korea's price level for food and non-alcoholic beverages, adjusted for purchasing power, ranked among the very highest among member countries of the Organisation for Economic Co-operation and Development (OECD) for the third straight year. While the overall consumer price level was below the OECD average, food prices remained relatively high.

According to OECD statistics on price levels that reflect purchasing power parity (PPP), Korea's 2024 price level for food and non-alcoholic beverages was 146, 46% higher than the OECD average of 100, Yonhap News Agency reported.

A PPP-based price level is an indicator that compares relative price levels by reflecting each country's purchasing power. On this indicator, Korea ranked second among 38 members, close behind top-ranked Switzerland at 147. This is high even compared with major advanced economies. Japan at 121 and the United States at 107, as well as major European countries such as France at 100, Germany at 95.2, and the United Kingdom at 91.4, had food price levels as much as over 50 points lower than those of Korea.

Korea's food price level has stayed in the top tier of the OECD for the past three years. In 2022 it was 152, tied for second with Switzerland, behind Israel at 155, and in 2023 it was 150, taking first place ahead of Switzerland at 147. In 2024 the figure eased to 146 but still ranked second, behind Switzerland.

The price index for clothing and footwear, also regarded as essential consumption alongside food, was 115, above the OECD average. Education costs at 108 were likewise higher than average. By contrast, the household final consumption (HFC) price index, which covers all consumer items, stood at 78, below the OECD average, ranking 23rd among 38 members. Although some items such as food and beverages are high, this is analyzed as being due to prices for housing at 54.7, transport at 75.3, recreation and culture at 80.7, and food service and accommodation at 93.6 being lower than average.