VIPS to Raise HMR Prices Starting Next Month... Pork Ribs Products Up 6%

[Asia Economy Reporter Moon Hyewon] CJ Foodville's VIPS is raising the prices of its Home Meal Replacement (HMR) products.

According to the food service industry on the 28th, VIPS will increase the selling price of HMR products 'Hot Snowing Cheese Pork Ribs 450g' and 'Guinness Pork Ribs 500g' from 15,900 KRW to 16,900 KRW, a 6.3% (1,000 KRW) increase, starting next month on the 1st. The price of Barbecue Pork Ribs Original will also rise from 14,800 KRW to 15,800 KRW, a 6.8% (1,000 KRW) increase.

A CJ Foodville official stated, "We have been internally absorbing continuous cost increases such as international oil prices, exchange rates, and rent, but as domestic and international raw material prices have risen to an unbearable level, we ultimately could not endure any longer and decided to raise prices."