[Asia Economy Reporter Song Seung-yoon] Binggrae announced on the 28th that it will raise the prices of six snack products by 13.3% starting from the 1st of next month.
After the increase, snack products such as Kkotgerang, Yachae Time, Jjaki Jjaki, and Smoky Bacon Chip will be priced at 1,700 KRW from 1,500 KRW at convenience stores. Prices will be gradually raised in other distribution channels as well.
A Binggrae official stated, "Due to the rise in raw material costs such as flour and palm oil, we are adjusting snack product prices for the first time in eight years since 2013."
Earlier, Orion also raised the prices of 16 products including pies, snacks, and biscuits by an average of 15.8% from the 15th among its total 60 products. By major products, Choco Pie increased by 12.4%, while Pokachip, Kkobuk Chip, and Yegam rose by 12.3%, 11.7%, and 25%, respectively.
Nongshim also raised the wholesale prices of 23 snack products by an average of 5.7% starting the same day. Samyang Foods decided to increase convenience store prices of three products?Satobap, Jjanggu, and Popeye?by 15.3%, citing raw material cost increases as the reason.
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