Prices Rise Upon Waking... "Everything You Eat, Drink, and Enjoy Has Increased"

[Asia Economy Reporter Song Seung-yoon] Price hikes continue across all sectors, including food items such as confectionery, bread, beverages, and alcoholic drinks, as well as theme park admission fees.

According to the industry on the 3rd, Lotte Confectionery raised prices on snacks, chocolates, and ice cream products starting from the 1st. The recommended retail price of Pepero increased from 1,500 won to 1,700 won, and 'Bints' rose from 2,400 won to 2,800 won. ‘ABC Choco Cookie’ also went up from 1,000 won to 1,200 won. Chocolate products such as ‘Hershey’ and ‘Gillian’, as well as bar ice cream products like Screw Bar and Jaws Bar, increased by 200 won from 800 won to 1,000 won. Nongshim also raised prices on major snack products such as Shrimp Crackers and Honey Twists by an average of 6% starting this month.

Instant rice, which has become a staple for single-person households, has also started to rise in price. CJ CheilJedang raised the price of Hetbahn by 7 to 8% from the 31st of last month. Prices increased by about 7% at large supermarkets from that day and about 8% at convenience stores from the 1st. This is the first price increase since February last year. Ottogi is also expected to raise the price of its competing product, 'Ottogi Rice,' soon, although the exact timing and amount of the increase have not been decided. Similarly, ramen, also considered a staple, already saw a uniform price increase last year.

Following soju, alcoholic beverages such as beer and whiskey are also seeing continuous price hikes regardless of the type. In the soju industry, price increases by other companies such as Muhak, Bohae Brewery, Hallasan Soju, Lotte Chilsung Beverage, Geumbokju, and Daesun Brewery followed after Hite Jinro raised its wholesale price in February. Beer companies OB Beer and Hite Jinro raised the wholesale prices of beer products such as 'Cass', 'Hanmac', 'OB Lager', 'Terra', and 'Hite' by an average of 7.7%. Pernod Ricard Korea also raised prices on major whiskey products such as Royal Salute, Ballantine's, and Chivas Regal, and William Grant & Sons Korea increased the supply prices of whiskeys like 'Glenfiddich', 'Balvenie', and 'Monkey Shoulder' by up to 9.4% starting from the 1st.

Not only food items but also theme park admission fees are on the rise. Earlier, Lotte World raised the price of its free pass at Lotte World in Jamsil, Seoul, from 59,000 won to 62,000 won, and Everland adjusted its prices last year after introducing a variable pricing system.