Spam and Richam Prices Also Increased... "Due to Grain and Pork Price Hikes"

[Asia Economy Reporter Song Seung-yoon] Domestic canned ham products such as Spam and Richam have also joined the ranks of food price increases.

According to the industry on the 3rd, CJ CheilJedang raised the price of Spam by about 5% starting this month. Spam (120g) increased by 300 won (8.6%) from 3,500 won to 3,800 won. Spam Classic (340g) has been sold at 6,780 won, up 400 won (6.2%) from 6,380 won since the 3rd of last month.

Dongwon F&B also raised the price of canned ham products such as Richam, distributed in convenience stores and large supermarkets, by about 5%. In addition, other companies such as Lotte Foods and Ourhome are reportedly considering price increases for canned ham products.

The main factors for this increase are the rising prices of grains and pork. According to the Korea Agro-Fisheries & Food Trade Corporation's agricultural product distribution information (KAMIS), the retail price of domestic refrigerated pork belly is 2,364 won per 100g, up 18% compared to a year ago.