Recently, the prices of essential food items in Korea, such as ramen, dumplings, snacks, beer, and coffee, have been steadily increasing. While the food industry cites high exchange rates and rising import raw material costs as the main reasons, some point to the government's lack of price control due to the prolonged impeachment situation and express concern.
Key Food Price Increase Status:
Coffee: Tous Les Jours will increase the prices of 58 items, including cakes, coffee, and beverages, by an average of 4.9%, and Maeil Dairies will increase the prices of 51 products, including cup coffee, cheese, and soy milk, by an average of 8.9%. Previously, Starbucks, Paul Bassett, Hollys Coffee, Compose Coffee, The Venti, and Nespresso also raised coffee prices.
Ramen and Snacks: Nongshim increased the factory price of 17 brands, including Shin Ramyun and Shrimp Crackers, by an average of 7.2%, and Ottogi increased the price of 16 items, including Jin Ramen, by an average of 7.5%. Lotte Wellfood also increased the prices of 26 products, including Pepero and ice cream, by an average of 9.5%.
Dumplings: CJ CheilJedang increased the prices of about 20 types of Bibigo dumplings and Spam by an average of 9.8%, and Dongwon F&B increased the prices of 15 types of frozen dumplings by an average of 5%.
Others: Binggrae raised the prices of 'More hunting' and 'Bungeoppang Samanco' by 200 won each, Tous Les Jours raised the prices of 110 types of bread and cakes by 5%, and Samlip raised the price of Pokemon bread by 100 won. OB Beer increased beer factory prices by an average of 2.9%, and Lotte Asahi Liquor increased Asahi factory prices by 8-20%. McDonald's raised the prices of 20 menu items by an average of 2.3%, and Burger King raised the price of the Whopper by 1.4%.
Food Industry's Position:
The food industry claims that the price increase was inevitable due to the rise in raw material prices caused by the rise in the won/dollar exchange rate and abnormal weather conditions. An industry official explained that international prices for wheat, palm oil, sugar, etc. are still high, and it is no longer possible to bear logistics and labor costs under high exchange rates.
Concerns from Some:
Some raise concerns that food companies are raising prices one after another, taking advantage of the chaotic situation caused by the impeachment situation. In addition, there are forecasts that the price increase march will not stop for the time being, even if the impeachment situation is concluded.
Lee Eun-hee, a professor of consumer science at Inha University, pointed out the government's lack of price control and emphasized that the top 1-2 food companies should refrain from raising prices with the attitude of taking responsibility for the people's diet.
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