Those living in Korea should get ready to spend more, as prices for popular items such as ramyeon, beer, milk and burgers are set to rise in April.
South Korean food giant Ottogi Corp. will raise prices on 16 of its 27 ramyeon products by an average of 7.5 percent, marking its first price hike in over two years. Jin Ramen, one of Ottogi’s flagship instant noodle brands, will increase from 716 won to 790 won at major hypermarkets on April 1.
“Due to the recent surge in exchange rates, the costs of imported raw materials have skyrocketed. Agricultural prices continue to rise, and logistics and labor costs have also increased, making this price adjustment unavoidable,” the company said.
Beer prices will follow suit.
South Korea’s largest brewer, Oriental Brewery Co., is set to increase prices for major brands such as Cass and Hanmac by an average of 2.9 percent starting on April 1.
“With the prolonged impact of high exchange rates and oil prices, cost pressures on imported raw materials have intensified. We have minimized the price hike, considering domestic market conditions and consumer burden,” a company official said.
Beverages, including milk, are also getting more expensive. Namyang Dairy Products will raise prices for its chocolate milk products, including the popular Choco Emong, by an average of 8.9 percent. Prices for its apple juice and almond milk will also increase in April.
Fast food isn’t spared either.
Shinsegae Food will raise prices on No Brand Burger menu items by an average of 2.3 percent. Lotte GRS, which operates the Lotteria burger chain, will hike prices on 65 menu items by an average of 3.3 percent starting April 3.
ssh@heraldcorp.com
