$6.30 for a Bag of Cheetos: Reality of U.S. Inflation

A display of merchandise at the Target store in Las Vegas, where CES 2024 is being held. /Photo by Kim Ki-hyuk

Although the recent U.S. inflation has cooled down, the basket price perceived by citizens still appears high due to continued inflation.

On January 7th (local time), one could feel the murderous prices in the U.S. at the Consumer Electronics Show (CES) 2024 in Las Vegas. At Target, a leading American supermarket, Doritos nacho chips were sold for $5.19 (approximately 6830 KRW), Cheetos for $4.79 (approximately 6303 KRW), Corona beer for $3.99 (approximately 5250 KRW), and Blue Moon for $4.49 (approximately 5903 KRW).

For reference, Doritos are being sold for 2720 KRW and Cheetos for 1360 KRW at domestic supermarkets’ online malls. Although the price of imported beer at convenience stores is changing from 4 cans for 10000 KRW to 3 cans for 10000 KRW due to inflation, it is still cheaper compared to the U.S.

Meanwhile, the U.S.’s November CPI last year increased by 3.1% compared to the same month of the previous year, maintaining market expectations. Considering that the CPI growth rate was high at 6% from January to February last year and that the recent international oil price has stabilized below $70 per barrel, it is expected that the CPI growth rate will smoothly enter the policy target of 2% early this year. The vivid video footage from the CES 2024 site can be viewed on the Seoul Market Signal Shorts.

The Seoul Economic Newspaper has formed a joint reporting team of 25 people, the largest in the country, with The Milk, a media startup based in Silicon Valley, USA. They will thoroughly cover the CES2024 exhibition and deliver in-depth analysis. In addition, YouTube videos shot directly by the special reporting team will be provided in real-time to deliver the vibrant atmosphere of the scene. The videos can be viewed on the official YouTube channel of the Seoul Economic Newspaper, ‘Seoul Market Signal’.

By. Yeo Jin Kim