An upward trend in food prices, which began in late 2010 with a rise in the price of sugar, is now spreading to other areas as the New Year begins.

Since Jan. 1, large discount marts and supermarkets have raised Coca-Cola prices by 4.2 to 8.6 percent. On the same day, Nestle raised the price of its coffee products, including Taster’s Choice, by an average of 10 percent. Ottugi, which raised glass noodle prices by 17 percent in late 2010, recently increased the price of its mayonnaise by 10 percent as well.

With flour prices also scheduled to rise around the middle of the month, analysts are predicting increases in prices for secondary processed food products such as bread and snacks.

Prices for produce have also run away due to a poor harvest in 2010 and recent heavy snows and cold snaps. Pulmuone, which raised tofu prices by more than 20 percent due to a supply shortfall following a major drop in domestic soybean production, plans to raise the price of its bean sprouts as early as late January. With growing damages from the cold weather, including collapsing greenhouses at major vegetable growing sites due to snow, prices for vegetables such as leeks and spinach have risen by more than 30 percent in the space of roughly a week and a half.

In large cities with major concentrations of consumers, gasoline has been selling at more than 1,900 Won per liter ($6.40 per gallon) at many gas stations, and prices have passed 2,000 Won per liter at some.

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Essential Vocabulary: spike: 급등/commence: 시작하다=begin/leek:파/green house: 비닐 하우스