On the 23rd, Dongseo Foods announced that starting from the 30th, it will increase the shipping prices of products including instant coffee, coffee mix, and coffee beverages by an average of 7.7%.
Accordingly, coffee mix products such as Maxim Mocha Gold and instant coffee like Kanu Americano will rise by an average of 9%. Coffee beverages such as Maxim T.O.P and Maxwell House RTD (Ready To Drink) will be increased by an average of 4.4%.
Consumer selling prices will be applied sequentially starting next month after consultations with distribution channels.
The price increase of Dongseo Foods' products is the first in six months since November last year, when the company raised the shipping prices of products like Maxim and Kanu by an average of 8.9%.
The company explained that this price increase is due to rising prices of major materials and supplies, including coffee beans, and the effect of the rising won-dollar exchange rate over the past several months. Since key materials and supplies such as coffee beans and palm oil are imported entirely, the burden due to exchange rates has increased.
A representative from Dongseo Foods noted, “We decided on the price increase due to the continued high levels of materials and supplies prices resulting from decreased coffee production caused by abnormal climate conditions.”