"From Pokemon Bread to Ramen, Prices Slashed Across the Board...New Price Tags from April 1"

Price Cuts for Snacks and Bread Begin Next Month

Government Pressure Follows Sugar and Flour Price-Fixing

Green Coffee Bean Prices Hit Record High Last Year

Industry: "Price Adjustments Unlikely for Now"

Recently, the food industry has been consecutively lowering the prices of processed foods. This follows the uncovering of a price-fixing incident involving sugar and flour worth 10 trillion won earlier this year, which led to a drop in the supply prices of these raw materials. This was followed by government pressure to reduce prices. The government is expanding investigations into price-fixing and tax evasion for items that have seen significant price increases in recent years, raising attention as to whether a domino effect of food price reductions will continue.

According to the food industry on March 24, prices for certain products such as snacks, bread, and ice cream will be reduced by up to 13.4% starting April 1. Lotte Wellfood will decrease the price of Mom’s Hand Pie by 2.9%, and will also lower the prices of Grape Candy and Peach Candy by 4.0% each. SPC Samlip will cut the prices of two types of Pokemon Bread by 100 won each (5.6%), and three varieties in its Healthy Bread series will also see a 100-won price reduction.

Binggrae will reduce prices for Bingsu Polapo Kiwi & Pineapple and other products by 6–10%. Orion has decided to lower the average price of three products—Baebae, Bio Candy, and Orion Wafer—by 5.5%. Haitai Confectionery & Foods will also lower the prices of Egg Snack Bebepin and Lollipop. Nongshim has already partially reduced prices on four types of Jjolbyeong Snack.

Prices for ramen and cooking oil are also being lowered. Samyang Foods will reduce the factory price of two types of Samyang Ramen Original (bagged and cup noodles) by an average of 14.6%. Ottogi announced it will cut the factory prices of ramen products such as Jin Jjambbong, Gul Jin Jjambbong, Cream Jin Jjambbong, The Hot Yeol Ramen, Ma Yeol Ramen, Jjashulang, Jinjjajang, and Jin Jjolmyun by an average of 6.3%. Paldo is lowering the factory prices of 19 ramen varieties—including Paldo Bibim Men, Teumsae Ramen Spicy Kimchi, Sanggamja Ramen, Ilpum Samseon Jjajang, and Wangttukkeong—by an average of 4.8%.

CJ CheilJedang will reduce prices by up to 6% on two products—Beksul Grape Seed Oil and Beksul Canola Oil—covering four items. Daesang will lower consumer prices on three types of Chungjungone olive oil, canola oil, and sunflower oil by 3–5.2%. Ottogi will reduce the factory prices of four products, including Extra Virgin Olive Oil (0.5L and 0.9L) and Sunflower Oil (0.5L and 0.9L), by an average of 6%. Sajo Daerim will cut prices on six types of edible oils, including canola oil and grape seed oil, by an average of 3%.

Previously, CJ CheilJedang, Samyangsa, Daehan Flour Mills, and Sajo DongA One, among other sugar and flour producers, lowered sugar and flour prices by around 5% following the price-fixing investigation. As flour manufacturers cut prices, the bakery industry is now also participating in price reductions.

Paris Baguette reduced the prices of 11 types of bread and cakes starting March 13. For six types of bread, the recommended retail price dropped by between 100 won and 1,000 won. For example, Anpan, Soboru Bread, and Choux Cream Bread each fell by 100 won (6.2%) from 1,600 won to 1,500 won; Whole Grain Oat Bread dropped by 210 won (5.0%) from 4,200 won to 3,990 won; and the 3-piece Castella was lowered by 410 won (14.6%) from 3,500 won to 2,990 won. Tous Les Jours reduced the supply price of 17 types of bread and cakes by an average of 8.2% starting March 12, with the recommended retail price of 16 products—including Anpan, Magumagu Chestnut Bread, and Saengsaeng Fresh Cream Bread—decreasing by 100 to 1,100 won. The popular character cake "Lotso Berry Good Day" was reduced by 10,000 won.

Within the industry, there is growing interest in whether the price of coffee, which saw the largest price increase last year, will also be reduced. According to a price survey of daily essentials by the Korea Consumer Organization Council in the fourth quarter of last year, coffee mix prices recorded the largest jump, rising by 16.5% compared to the same period in the previous year. This was followed by gochujang (10.9%), ham (9.3%), and eggs (8.9%).

The price of green coffee beans, which are entirely imported, hit an all-time high last year and has been on a decline this year, increasing government pressure for price reductions. In fact, on March 16, the Fair Trade Commission conducted an on-site investigation into Dongseo Foods, the top company in the domestic coffee mix market.

An industry official stated, "Last year, coffee green bean inventory hit a record low, causing prices to soar. This year, while international prices are lower than last year, it seems difficult to reduce prices quickly due to factors such as exchange rates."

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