September 2, 2025
SEOUL – A low-cost bakery pop-up in Seoul is sparking debate over the true price of bread in South Korea.
Starting Saturday, a finance-focused YouTube channel with more than 3.6 million subscribers, Syuka World, opened a temporary bakery in Seoul’s Seongsu-dong, offering popular items such as salt bread, bagels and baguettes for just 990 won (about $0.70).
The initiative was meant to highlight how expensive everyday baked goods have become in Korea, but it has also drawn criticism from bakery owners who say the comparison is unfair.
The shop, called ETF Bakery, is a collaboration with branding firm Glow Seoul. Organizers say the name stands for “Express Trade Farm” and reflects the project’s goal of simplifying distribution by sourcing ingredients directly from producers.
The result, they say, is a lower price point that skips the typical logistics and supply chain markup.
The bakery’s pricing was framed as a response to rising bread costs in Korea, often referred to locally as “breadflation.” According to Statistics Korea, the consumer price index for bread in August stood at 138.55, up 38.55 percent from the 2020 baseline. Data from Numbeo, a global cost-of-living database, shows Korea’s average price for a standard loaf (500g) is $3.06, compared to $1.20 in Japan.
For many customers, the 990 won bread served as proof that baked goods in Korea are overpriced. Comments online reflected support for the pop-up’s approach. Some questioned why basic items such as salt bread are often priced around 3,000 won elsewhere.
However, many bakery owners expressed concern. Some said they were accused by customers of overcharging after the pop-up gained attention. One bakery owner told local media that even if they sold thousands of rolls a day, it would be impossible to match the 990 won price, given that their cost of ingredients alone is higher.
“I start baking at 4:30 in the morning and barely sleep,” one baker said. “I’ve always tried to keep prices reasonable, but this kind of comparison makes it difficult to continue.”
Industry experts note that several factors contribute to Korea’s high bread prices. Labor costs make up nearly 28.7 percent of production costs in the baking industry, more than three times the food manufacturing average (8.1 percent). Korea also imports over 99 percent of its wheat, making it more exposed to currency fluctuations and international grain prices.
In a statement, Glow Seoul said the pop-up was not intended to criticize local bakeries but to offer a way for consumers to engage with the issue of rising food prices. The aim, they said, was to show that high quality and affordability can coexist through a simplified sourcing process.
ETF Bakery is currently operating inside Glow Seongsu, a cultural and food venue in eastern Seoul.
mjh@heraldcorp.com