ANN/THE KOREA HERALD – Residents of South Korea should prepare for rising costs in April, as prices for several everyday products, including ramyeon, milk and burgers, are set to increase.
Ottogi Corp, a leading food producer in South Korea, will raise the prices of 16 out of its 27 ramyeon products by an average of 7.5 per cent, marking its first price increase in over two years. One of the most popular brands, Jin Ramen, will see its price rise from KRW716 to KRW790 at major hypermarkets beginning tomorrow.
The company explained that the price hike is largely due to the surge in exchange rates, causing imported raw material costs to soar. In addition, rising agricultural prices, as well as increased logistics and labour costs, have made the adjustment unavoidable.
A company official stated that the pressure from high exchange rates and soaring oil prices on imported raw materials had intensified, but they had attempted to minimise the price increase to ease the burden on consumers.
Beverages are also seeing price hikes. Namyang Dairy Products will increase the prices of its chocolate milk products, including the popular Choco Emong, by an average of 8.9 per cent.
Prices for its apple juice and almond milk products will also rise in April.
The fast food sector will not be spared either.
Shinsegae Food will raise prices on its No Brand Burger menu by an average of 2.3 per cent, while Lotte GRS, the operator of the Lotteria burger chain, will increase prices for 65 menu items by an average of 3.3 per cent starting April 3.
These price adjustments reflect the ongoing economic pressures facing South Korea’s food and beverage sectors, driven by factors such as high exchange rates, inflation, and rising commodity costs.
