Haitai Confectionery Raises Prices of Some Products in Japanese Joint Venture by 14.8%

Haitai Confectionery will raise the prices of confectionery products produced by its Japanese joint ventures starting next month.

On the 27th, Haitai Confectionery announced that from February 16, it will increase the prices of three products produced by the joint ventures?Pocky, Jagabee, and Roasted Onion?by an average of 14.8%.

The recommended retail prices of Pocky and Roasted Onion will be raised from 1,500 won to 1,700 won, a 13.3% increase, while Jagabee will increase from 1,700 won to 2,000 won, a 17.6% increase. These price adjustments apply to products manufactured by Haitai Garubi and Glico Haitai, joint ventures established respectively with Japan's Garubi and Glico companies, and sold by Haitai Confectionery.

The prices of these products sold locally in Japan were increased by about 20% last year. Haitai Confectionery also requested price adjustments for the products manufactured and sold in Korea, and after consultations with each company, the adjustments were decided.

A Haitai Confectionery official explained, "Since last year, the prices of most raw materials such as oils, sugars, and potatoes have surged globally, increasing cost pressures. After consultations with the joint ventures, we decided to adjust the product prices."