Increase in Raw Milk Price Causes White Milk Price '↑'

[Asia Economy Reporter Yoo Hyun-seok] The price of drinking milk is expected to rise one after another following the increase in raw milk prices.

According to the industry on the 9th, Maeil Dairies will raise the price of its 900mL white milk product, commonly consumed at home, from 2,610 won to 2,860 won, a 9.6% increase, starting from the 17th.

Namyang Dairy Products will also raise prices but is expected to set the price of the 900mL product below 3,000 won. Dongwon F&B is also planning to increase milk prices within this month, reviewing the extent and specific timing of the increase. Seoul Milk Cooperative and Binggrae are also considering price hikes.

The increase in milk prices had been anticipated following the raw milk price hike by the Dairy Promotion Committee. On the 3rd of this month, the Dairy Promotion Committee decided to raise the basic raw milk price by 49 won per liter. Considering the late decision on the raw milk price increase this year, an additional 3 won per liter will be paid, effectively raising the price by 52 won per liter.

The raw milk price has been set at 999 won per liter from October 16 until the end of the year.

With the dairy companies raising milk prices this time, it is expected to lead to 'milkflation,' where prices of bread, ice cream, and other products containing milk will also rise.

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