Namyang Dairy Products to Raise Milk Product Prices by an Average of 4.9% Starting from the 14th

[Image source=Yonhap News]

[Asia Economy Reporter Seungjin Lee] Namyang Dairy Products will raise the prices of its milk products starting from the 14th.

Namyang Dairy Products announced that it will increase the prices of its 'white milk' products by an average of 4.9%. To reduce the burden on consumers, fermented milk and processed milk products will see minimal price increases of approximately 0.3% and 1.6%, respectively.

This price hike was unavoidable due to the overall increase in production costs, including raw materials, logistics, and labor, following an average increase of 21 KRW per liter in raw milk prices last August, according to a Namyang Dairy Products official.

With the average price of milk products rising by 4.9%, the best-selling 'Mat-itneun Milk GT 2-pack' product is expected to be priced in the high 4,900 KRW range at distribution outlets, up from the mid-4,700 KRW range. Single-pack products are also expected to increase from the low 2,500 KRW range to the mid-2,600 KRW range.

A Namyang Dairy Products official stated, "The dairy market has been struggling due to low birth rates and restrictions on milk supply for school meals caused by COVID-19. The situation for dairy companies has become even more difficult due to the increase in raw milk prices and overall production costs. The company has made efforts to minimize the extent of the price increase amid these challenges."

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