"Chicken Breast Prices Also Rising"... Harim, Sajo, and Others Continue Price Increase Rush in the Second Half
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[Asia Economy Reporter Song Seung-yoon] Harim and Sajo have decided to raise the prices of processed chicken products (meat processed goods).
According to the industry on the 25th, Harim will increase the price of chicken breast (Garlic·Black Pepper 110g) sold at convenience stores from 3,400 KRW to 3,700 KRW starting next month, a 300 KRW increase. The price of chicken breast sausage will rise from 2,300 KRW to 2,500 KRW, up 200 KRW. This corresponds to increases of 8.8% and 8.7%, respectively.
A Harim official stated, "The price increase was decided due to rising raw material and logistics costs."
Sajo will also raise the price of chicken breast (Original·Black Pepper 100g) sold at convenience stores from 3,300 KRW to 3,700 KRW, a 12.1% increase starting next month. Additionally, the price of the boneless chicken feet ready meal 'Anjuya' will increase from 8,900 KRW to 9,500 KRW, up 6.7%. Furthermore, the seasoning product 'Miwon (100g)' will see a 300 KRW increase from 2,400 KRW to 2,700 KRW at convenience stores, a 12.5% rise.
Price hikes in the food industry are expected to continue in the second half of the year. Previously, Nongshim announced that starting from the 15th of next month, after the Chuseok holiday, the shipment prices of major ramen and snack products, including Shin Ramyun, will increase by an average of 11.3% and 5.7%, respectively. The price increase will affect 26 ramen products and 23 snack brands. Consequently, it is anticipated that other companies such as Ottogi, Samyang Foods, and Paldo will follow with domino price hikes.
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CJ CheilJedang also raised the prices of cooking oils such as olive oil, canola oil, and grape seed oil sold at convenience stores by 12.7%, 29%, and 19.3%, respectively, starting this month. The price of Spam also increased by 6.8%, from 5,800 KRW to 6,200 KRW for the 200g convenience store price, and the prices of pancake mix and frying powder rose by 21.7%, from 2,300 KRW to 2,800 KRW.
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