Milk Prices Rise... Seoul Milk Increases Product Prices by 5.4%

[Asia Economy Reporter Lim Hye-seon] Seoul Milk Cooperative will raise the prices of milk products starting from the 1st of next month due to an increase in raw milk prices.

Seoul Milk announced on the 23rd that the price of white milk per 1ℓ will increase by 5.4%. Accordingly, the price of milk, which was in the mid-2,500 won range at large supermarkets, is expected to be around 2,700 won.

The raw milk price was supposed to increase by 21 won last year, but considering the economic situation caused by COVID-19, the increase was postponed for one year, and the 21 won increase was applied from August 1st of this year.

This price increase is the first in three years since 2018 and was inevitably decided due to accumulated costs of materials, logistics expenses, and increased production costs to supply high-quality milk.

A representative of Seoul Milk Cooperative stated, “The management pressure has increased due to the raw milk price hike since August,” and added, “We have made efforts to minimize the increase considering the difficult economic conditions.”