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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Following the recent price hike in instant noodles, the cost of processed foods such as beer and dairy products is also on the rise. While food companies attribute the increases to rising raw material costs, consumers are expected to face a growing financial burden.
According to the food industry on Sunday, Maeil Dairies will raise the prices of 51 products by an average of 8.9% starting next month.
As part of the adjustment, the price of Barista Rules coffee beverages (250ml) will increase by 3.6%, while Hershey’s Chocolate Drink (190ml) will see an 11.8% hike. String Cheese Plain and Maeil Soy Milk Black Bean (190ml) will rise by 7.4% and 10.5%, respectively. However, the company plans to apply different price adjustments depending on the distribution channel, such as supermarkets and convenience stores.
A Maeil Dairies spokesperson stated, “The price adjustment is due to the ongoing rise in raw material costs, which has significantly increased our production expenses. We have made efforts to minimize the number of items affected and the extent of the price hikes.”
Instant noodle prices are also set to rise. Ottogi announced that it would increase the price of 16 ramen products by an average of 7.5% next month. The price of Jin Ramen (packaged) will rise from 716 KRW to 790 KRW, reflecting a 10.3% increase, while the cup noodle version will go up from 1,100 KRW to 1,200 KRW, marking a 9.1% increase.
Similarly, Nongshim raised the factory price of 17 noodle brands, including Shin Ramyun, by an average of 7.2% on the 17th. In retail stores, the price of Shin Ramyun increased from 950 KRW to 1,000 KRW (5.2%), while Neoguri, Ansungtangmyun, and Chapaghetti saw price hikes of 4.4%, 5.4%, and 8.3%, respectively.
Beer prices are also going up. Starting April 1, OB Beer will raise the factory price of all domestic beer products—except for Cass 500ml cans—by an average of 2.9%.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
