Food prices are soaring, increasing the burden on low-income households. There are criticisms in the market that ahead of the new government's launch, companies are taking advantage of the gap to implement a series of price hikes.
According to the food industry on the 1st, more than 60 food and restaurant companies have raised prices over the past six months, from December last year to last month.
The price of coffee mix from Dongseo Foods has risen by about 20% over the past six months. After raising the product's delivery price by an average of 8.9% in November last year, it increased by an average of 7.7% on the 30th of last month. Currently, the price of Maxim Mocha Gold coffee mix (180 pieces) at major supermarkets is 34,780 won, which is over 5,000 won higher than six months ago.
Binggrae raised the selling price of its yogurt original multi (4 pieces) from 3,780 won to 3,980 won, a 5.3% increase. In March, it raised prices on ice cream and coffee products such as Dewit Sayang and Bungeo-ppang.
The prices of milk, beer, and snacks have also increased. Last month, the Seoul Milk Cooperative raised the delivery prices of 54 products by an average of 7.5%, and HiteJinro increased the price of Yakult Light by 13.6%. HiteJinro also raised the average price of its beers, including Terra and Kelly, by 2.7% last month. OB also increased the average delivery prices of major beer products like CAS Corporation and Hanmac by 2.9% in April.
ORION raised the prices of 13 products by an average of 10.6% in December last year, increasing prices for Choco Songyi (20%) and Moist Chocolate Chips (16.7%). LOTTE Wellfood also raised the prices of Chocolate Pepero and Crunchy by 17.6% and 41.7%, respectively, in February.
According to the consumer price trends from the Statistics Office in April, processed food prices rose by 4.1%, surpassing the overall consumer price index increase rate of 2.1%. The year-over-year increase rate for processed food prices was 1.3% as of November last year but rose to 2.0% in December last year. This year, it has continued to rise, showing increases of 2.7% in January, 2.9% in February, and 3.6% in March.