Commercial Use Chilsung Cider and Pepsi Prices Also Rise... Lotte Chilsung to Increase Prices of 10 Beverages by an Average of 4%

[Asia Economy Reporter Song Seung-yoon] Lotte Chilsung Beverage announced on the 30th that it will raise the prices of 10 beverage brands, including Chilsung Cider and Pepsi Cola, starting from the 1st of next month.

Lotte Chilsung Beverage decided to increase the prices of beverage products from 10 brands, including coffee, juice, and bottled water, by an average of 4% starting from the 1st of next month. Prices will rise for Chilsung Cider and Pepsi Cola for commercial use, as well as Del Monte, Jeju Gamgyul, Cantata, Lets Be, Icis, Evian, and Volvic. This is the first price increase for Chilsung Cider and Pepsi Cola in about a year since December last year.

A Lotte Chilsung Beverage official stated, "We have been suppressing price adjustments as much as possible through various efforts such as cost improvement and enhancing cost efficiency by promoting the ZBB (Zero Based Budgeting) project," adding, "However, prices of raw materials for sugar, orange, and coffee, as well as packaging materials like cans and PET, have risen, and with increases in labor costs, logistics expenses, and electricity and gas charges, overall expenses have gone up, leading to the price increase of our products."