Imported Alcohol Joins Price Increase Trend... Beer, Cognac, and Whiskey Also Going Up

As the prices of vegetables and other food ingredients, as well as dining out, continue to rise, imported alcoholic beverages have also joined the price hike trend.

According to the industry on the 18th, from the end of this month, the prices of beer products such as Budweiser, Stella Artois, and Corona, imported and distributed by OB Beer, will increase by an average of 9%. This is due to rising import costs and logistics expenses. Heineken Korea also raised the prices of some products for commercial use by an average of 9.5% starting from the 10th of last month.

Prices of whiskey and cognac will also rise starting next month. The cognac product 'Hennessy VSOP,' imported by MH Champagne & Wine Korea, will see a 5.2% increase for 350~700㎖ products, and 'Hennessy XO (700㎖)' will increase by 5%. Glenmorangie’s Original will increase by 3.8%, while Lasanta, Quinta Ruban, and Nectar d’Or will rise by 6.4%. The 18-year and Signet products will increase by 10.3% and 20%, respectively.

Trans Beverage will raise prices of Glen Grant products by 5.3~9.8% depending on the year, and Wild Turkey will increase prices by 5~9.5% depending on the type.

On the other hand, domestic alcoholic beverages are expected to maintain their current prices for the time being. Earlier, the government announced that, following last year, it would conduct a comprehensive survey on the liquor industry, including factors for price increases and profit margins, as signs of price hikes appeared again this year. Facing direct pressure, leading soju companies such as Hite Jinro and Lotte Chilsung Beverage officially stated that they are not considering raising soju prices. OB Beer also stated that there will be no product price increases even after the liquor tax hike next month.