Since the beginning of the year, prices for chocolate snacks, beverages, chicken, daily necessities, and cosmetics have risen consecutively. This is due to the increase in materials and supplies prices and labor costs. Major supermarkets and convenience stores also noted that a price increase for consumers due to rising supply prices is unavoidable.
On the 2nd, snack manufacturers announced product price increases due to the rising prices of chocolate and palm oil. Subsequently, these increases were reflected in the consumer prices at supermarkets and convenience stores in sequence. According to convenience store operators, the price of Choco Songi (50g) rose from 1,000 won to 1,200 won. The price of Cham Bungeo Bread (6 pieces) increased from 4,200 won to 4,500 won, while the price of Tokping Almond Chocolate (43g) rose from 1,500 won to 1,600 won. The price of Squid Peanuts (98g) increased from 1,500 won to 1,600 won, and the price of Protein Bar Pro (70g) rose from 2,500 won to 2,700 won.
As manufacturers raised their supply prices, it seems that consumer prices at major supermarkets and convenience stores also increased. Last month, ORION raised average prices for 13 products including Choco Songi and Squid Peanuts by 10.6%, while Haitai Confectionery also raised average prices for 10 products including Home Run Ball and Pocky by 8.6%.
An industry official said, "Nothing has been left unraised, from Kakao, the raw material for chocolate, to labor costs," and added, "Isn’t it a situation where everything is increasing except for wages? It is inevitable to reflect the inflation rate."
The price of products like BAP Honey Butter Almond (40g) also rose from 2,200 won to 2,500 won. The price of Murgabon Honey Peanuts (70g) increased from 1,900 won to 2,000 won.
Dong-A Otsuka also raised the prices of key products including Pocari Sweat and Demi Soda by 100 won the previous day, citing rising raw and sub-material prices and increased logistics costs as reasons. The prices of Dong-A Otsuka's Oranssi Pine Vitamin C and Nalang Cider sold at convenience stores rose from 1,400 won to 1,500 won each. The price of the representative products, Pocari Sweat can (240ml) and Demi Soda (250ml), also increased from 1,600 won to 1,700 won.
Eiders F&B, which operates the Puradak chicken brand, raised prices for 10 chicken menu items by up to 1,000 won from December 30 last year, excluding Basil Festa and General Hot Chicken. This is a measure aimed at improving franchisee revenue due to overall inflation including increases in materials and supplies, rent, and delivery app fees.
Additionally, the price of menstrual products Tempo (10 count) sold at convenience stores rose from 6,800 won to 7,900 won. The price of Mise-en-Scène shampoo (680ml) increased from 17,000 won to 18,000 won, and the price of hand sanitizer Aikakeut hae rose from 7,900 won to 8,900 won. The prices of 17 types of Energizer batteries increased by 100 to 500 won, and the hangover remedy HK Condition (stick) also rose from 3,300 won to 3,900 won.
With the new year, cosmetic prices have also increased consecutively. According to Able C&C, the prices of 11 Missha products and 7 Apieu products were raised by up to 2,000 won from the previous day. LG Household & Health Care's OSULLOC also raised the prices of major line products by up to 6,000 won the previous day. Amorepacific Corporation's subsidiary Ettusais increased the price of its single color shadow "Look at My Eyes" from a previous 5,500 won to 6,000 won.
An industry official noted, "Amid rising prices for various raw materials including Kakao, palm oil, and Robusta coffee, the won-dollar exchange rate has skyrocketed," and added, "As the high inflation period is expected to continue this year, further price increases for food, beverages, and daily necessities may also be anticipated."