The Value of Money, in Ramen
All scenes › Chapter 4 Why it still feels that way
Half right, half wrong
Summary
View in 3DHalf right, half wrong
Let's sum up. Ramen prices and wages both became bigger numbers because the money in the country grew faster than the goods. Over the long run, income rose more than ramen prices. But there are times, like the last few years, when prices catch up with wages, and everyday things rise more than average. So "wages stay the same, but prices keep rising" is half right and half wrong.
Why?House prices are not part of consumer prices. Rent is included, but buying a home is treated as buying property, not as buying goods. So even when house prices rise a lot, it hardly shows in consumer prices.
Learn moreAll income and wages in this documentary are averages. People who earn a lot pull the average up, so it may differ from how ordinary people feel. The Bank of Korea aims for prices to rise about 2% a year.
- Ramen a 10,000-won bill buys, 2025
- 12 packs
calculated from Bank of Korea ECOS data and recorded ramen prices
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Bank of Korea · Economic Statistics System (ECOS, in Korean)
More in the series
Prices, money, income, wages and interest rates come from the Bank of Korea Economic Statistics System (ECOS); ramen prices come from the National Archives of Korea and the Korea Price Research Center (as reported). All income and wage figures are averages. The banknote and ramen packs in the 3D view are sample drawings, not real designs or brands.