"Will Food Price Increases Become Full-Scale? Cooking Oil and Canned Products to Rise One After Another Next Month"

Next Month CJ CheilJedang Cooking Oil and Spam Prices to Rise... Dongwon Tuna and Richam Prices Also Increase

[Asia Economy Reporter Eunmo Koo] Starting next month, the prices of some products from CJ CheilJedang and Dongwon F&B will increase. Due to the Russia-Ukraine conflict and the sharp rise in the won-dollar exchange rate, raw material prices have surged and supply and demand remain unstable, raising concerns that this price adjustment could mark the beginning of a broader price hike across the domestic food industry.

According to the food industry on the 25th, CJ CheilJedang will raise the convenience store price of canola oil (500mL) from 5,500 won to 7,100 won, a 29.1% increase, starting in August. Grape seed oil (500mL) will also increase by 19.3%, from 8,800 won to 10,500 won. Olive oil (500mL) will rise by 12.7%, from 11,000 won to 12,400 won. This is an additional adjustment following the price hike in March. Industry insiders say the price increase is inevitable due to rising raw material costs. Earlier this month, Sajo also raised the convenience store prices of cold-pressed olive oil and canola oil by 17.8% and 20.8%, respectively, and Ottogi increased the price of commercial cooking oil (18L) by 20% in June.

The prices of flagship canned products will also rise simultaneously from August 1. CJ CheilJedang will increase the price of Spam Classic (200g) from 4,480 won to 4,780 won, a 6.7% increase. CJ CheilJedang cited the nearly 50% surge in the price of imported pork front legs from December last year to May this year as the basis for this price adjustment. They also explained that the skyrocketing prices of grains such as wheat and corn used for pig feed have increased breeding costs.

Dongwon F&B will raise the price of Richam Original (200g) from 5,800 won to 6,200 won, a 6.9% increase. The price of Dongwon Tuna (100g) will also rise by 10%, from 3,000 won to 3,300 won. The company explained that while prices for these two products were adjusted for discount stores earlier, they were not reflected in convenience stores, so the increase will take effect from August 1.

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