Milk Prices Rise Starting Today... Concerns Over Bread and Coffee Price Increases

Price Adjustments for Dairy Industry Products Starting from the 17th
Concerns Over a Simultaneous Increase in Prices of Products Containing Milk

On the 13th, customers visiting the milk section of a large supermarket in Seoul were selecting milk products. Major milk companies announced that they will raise the price of white milk by an average of 6% starting from the 17th.
Photo by Dongju Yoon doos7@

[Asia Economy Reporter Kim Jung-wan] As major domestic dairy companies such as Seoul Milk, Maeil Dairies, and Namyang Dairy Products raise milk prices starting from the 17th, concerns are emerging about 'milkflation (milk + inflation),' where prices of products using milk, such as ice cream, bread, and coffee, are rising simultaneously.

According to the industry on the 17th, Seoul Milk Cooperative is increasing the prices of milk products by an average of 6% starting today. The price of its flagship product, 1000ml white milk, has risen 6.6% from the previous 2,710 won, making it available for purchase in large supermarkets at around 2,800 won.

Maeil Dairies also raised the ex-factory price of white milk products by 8% and processed milk products by 10% starting today, and is reviewing phased price increases for other products. Based on large supermarket prices, the 900ml white milk product from Maeil Dairies increased from 2,610 won to 2,860 won, a 9.6% rise.

Namyang Dairy Products also raised the ex-factory price of white milk products by an average of 8%. Prices of processed milk products increased by an average of 7%. Accordingly, the 'Namyang Delicious Milk GT 1000ml,' previously sold at 2,650 won in large supermarkets, rose to the 2,800 won range.

Dongwon F&B is also increasing milk product prices by an average of 5% starting today. Binggrae plans to raise prices of seven dairy products, including banana-flavored milk, Yoplait, and Doctor Capsule, by an average of 14% from mid-November.

The dairy companies' decision to raise prices follows the Dairy Promotion Board's board meeting on the 3rd, where dairy farmers and companies agreed to raise the base price of raw milk by 49 won per liter. Due to negotiation delays this year, an additional 3 won per liter was decided, effectively increasing the price by 52 won per liter.

With the overall increase in milk prices, concerns are also rising that prices of food products containing milk and butter, such as ice cream, coffee, bread, and snacks, will increase. Coffee shop owners will also be affected. Cafes, which consume large amounts of milk or cream, may have to raise prices across their menus due to the increase in milk prices.

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