Everything Except Salaries Has Risen... Domino Price Increases from Beverages and Instant Rice to Hamburgers

[Asia Economy Reporter Seungjin Lee] As the Lunar New Year approaches, prices of major food products are rising one after another. Following price increases for tofu, canned goods, and cola, hamburger prices have also gone up, causing dining-out costs to rise.

According to the food industry on the 31st, Lotte Chilsung Beverage will raise prices of 14 brands including Chilsung Cider, Pepsi Cola, Mountain Dew, Milkis, Let's Be, Hot6, Trevi, and Icis 8.0 by an average of 7%. The prices of two brands, Palm & Home and Cantata, will be reduced by 3.3% and 7.7%, respectively. This partial price adjustment for some beverages is the first in about six years since January 2015.

Earlier, Coca-Cola Beverage raised the price of convenience store Coca-Cola by 100 to 200 won starting in January. The can price increased from 1,400 won to 1,500 won, and the 1.5ℓ PET bottle from 3,400 won to 3,600 won. The sparkling water 'Seagram' also increased from 1,300 won to 1,400 won.

Dong-A Otsuka also raised the convenience store price of 'Pocari Sweat' 245ml from 1,300 won to 1,400 won, a 7.7% increase starting in January. The convenience store price of 'Oronamin C' 120ml rose 20% to 1,200 won. Haitai htb raised the price of convenience store 'Pyeongchang Water' 2ℓ from 1,400 won to 1,500 won, and 'Gal-a Made Pear' 1.5ℓ from 3,900 won to 4,300 won, with most beverage products distributed in the market seeing price increases.

Lotte GRS will raise prices of 25 products including burgers and desserts at its burger franchise Lotteria by 100 to 200 won starting next month on the 1st. The targeted products include 13 types of burgers, 7 types of desserts, 2 types of drinks, and 3 types of chicken. The average price increase rate is about 1.5%. However, there will be no price changes for Lotteria’s signature products such as Bulgogi Burger, Shrimp Burger (both single and set menus), and dessert cheese sticks.

Pulmuone recently decided to raise prices of tofu and bean sprouts. Prices of tofu and bean sprouts are expected to increase by around 10 to 14%. This is Pulmuone’s first price increase in about two years since February 2019. Prices of canned goods used in stews have also jumped significantly. Sempio raised prices of four seafood canned products including 280g and 400g kimchi stew mackerel pike and braised mackerel by an average of 42%. Dongwon F&B also raised prices of canned mackerel pike and mackerel by 13% and 16%, respectively.

Ottogi plans to raise prices of some products in its instant rice brand Ottogi Bap by about 7% next month and recently sent related official letters to large supermarkets. This price increase will be the first in five months since September last year.

A food industry official explained, "The price increases were made due to continuous labor cost rises, supply and price instability caused by the spread of COVID-19 in major raw material importing countries, and requests from franchise owners due to increased overall costs."

This content was produced with the assistance of AI translation services.