Ice Cream Prices Rise Again in June... Up 9.4% Compared to Last Year

Summer Peak Season Drives Growth Rate Up Again
Price Increases by Ice Cream Companies Expected to Expand Growth Rate

Last month, the price increase of ice cream nearly reached 10% again.

Major Ice Cream Products of Ice Cream Companies

According to the National Statistical Portal of Statistics Korea on the 6th, the consumer price index for ice cream in June was 119.98, marking a 9.4% increase compared to the same period last year. The ice cream price increase rate was 13.7% in March, the highest in about 14 years since May 2009 (14.3%). It then slowed down to 10.5% in April and 5.9% in May, before rising again.

As ice cream companies raise product prices this month to coincide with the peak summer season, the related price increase rate is expected to grow further. Convenience stores have decided not to raise prices immediately, but this is a temporary measure, so price increases may be reflected at any time.

Ice cream companies are not participating in the recent price reduction movements spreading across the food industry, including ramen, snacks, and bread. They cite rising costs of raw materials and supplies, labor, logistics, and electricity and gas fees as reasons.

Lotte Wellfood and Binggrae have stated that they are not currently considering price reductions. Meanwhile, consumer groups are urging ice cream companies to join in price reductions, arguing that it should be examined whether the product price increases are an unavoidable choice due to rising raw material costs or a move to generate profits.