[Asia Economy Reporter Eunmo Koo] Amid recent consecutive price hikes in the food industry, the price of soy milk will also increase starting next month.
According to the food industry on the 25th, Jeong Food will raise the recommended retail prices of major products, including Vegemil A, by an average of 11.7% (minimum 3.3% to maximum 26.3%) starting from the 15th of next month.
By product, the price of Vegemil A bottle and Vegemil Sweet bottle 190㎖ will increase by 14%, from 1,400 won to 1,600 won, and the Vegemil Black Bean bottle 190㎖ will rise by 20%, from 1,500 won to 1,800 won. The price of Jinhan Konggukmul 950㎖ will increase by 8.8%, from 3,400 won to 3,700 won.
Jeong Food stated that due to the sharp rise in international grain prices, the cost burden has continued to increase as the prices of most raw materials, including soybeans, the main ingredient, have risen. Additionally, costs for packaging materials, consumables, fuel, and electricity have also significantly increased, leading to the decision to raise prices.
A representative from Jeong Food explained, “Despite the ongoing increase in raw material prices, we have made every effort to minimize selling and administrative expenses internally to avoid passing the cost onto product prices,” but added, “Due to the continuous rise in cost of goods sold ratio, we have inevitably decided to increase prices.”
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