Soju Price Capped at 6,000 Won... HiteJinro States "No Soju Price Increase"

HiteJinro, the number one company in the soju industry, has officially announced that it will not raise the price of soju.

On the 27th, HiteJinro stated in a press release, "We do not plan to increase soju prices for the time being," adding, "Although it is true that there are factors driving price increases, this decision was made to ease the burden on consumers and small business owners amid the current difficult economic situation."

Lotte Chilsung Beverage has also not decided whether to raise the wholesale price and maintains that it has not reviewed such a move so far. Both HiteJinro and Lotte Chilsung Beverage raised the prices of their soju products by about 8% in February to March last year, marking the first increase in approximately three years.

Earlier, the government announced plans to conduct a comprehensive survey targeting the liquor industry to investigate factors behind price increases and profit margins. Liquor companies appear visibly unsettled by being targeted despite not having considered raising wholesale prices. Rumors about liquor price hikes have circulated following the upcoming liquor tax increase in April and rising manufacturing costs. Some forecasts even suggested that the retail price of a bottle of soju could reach 6,000 won as wholesale price increases would lead to higher restaurant prices.