Crude Oil Price Rises by 21 Won per Liter... Milk, Coffee, and Bread Prices Increase One After Another

The prices of major ingredients frequently appearing on ordinary people's tables continue to rise, which is expected to increase the burden of preparing holiday meals for Chuseok, now just a month away. The photo shows citizens shopping at the Nonghyup Hanaro Mart Yangjae branch in Seocho-gu, Seoul, on the 17th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Seungjin Lee] The Dairy Promotion Board has finally confirmed an increase in raw milk prices. As the countdown to the milk price hike begins, related products such as coffee and bread are also expected to see consecutive price increases.

According to the food industry on the 19th, the Dairy Promotion Board sent the 'Milk Price Notification Table' to each dairy company on the 17th, which includes raising the raw milk price produced from the 1st of this month to 947 KRW per liter, an increase of 21 KRW.

The government urged for a six-month postponement of the price increase, fearing a rise in food prices, but the dairy industry maintained its original stance, ultimately confirming the price hike.

Accordingly, dairy companies will pay the increased raw milk price to dairy farmers around the 20th for the milk produced between the 1st and 15th of this month. Raw milk payments are settled every half month.

With the increased cost burden, the dairy industry is treating the milk price hike as a foregone conclusion. Major companies, including Seoul Milk, are currently reviewing price adjustments.

If milk prices rise, other products using milk as an ingredient, such as coffee, snacks, and bread, are also likely to increase in price in a chain reaction.

A representative from a dairy company said, "Once the milk price increase is confirmed, we are considering contacting food service franchises that use our milk sequentially to discuss price adjustments."

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