CJ CheilJedang said on the 26th it will cut flour product prices by an additional average of 5%. The move follows average cuts of 4% for business-to-business (B2B) flour in early January and 5.5% for business-to-consumer (B2C) flour in early February.
CJ CheilJedang released materials the same day with these details and said it was "meant to actively join the government's push to stabilize prices despite difficult business conditions." It added, "We will continue to work to ease the burden on customers and consumers, even if only a little."
Tous Les Jours, the bakery franchise run by CJ Foodville, also decided that day to cut the supply prices of 17 items, including bread and cakes, by an average of 8.2%.
Accordingly, the suggested retail prices of 16 bread products at Tous Les Jours, including popular items such as ▲ sweet red bean bun ▲ MAGUMAGU chestnut loaf ▲ Saengsaeng fresh cream loaf, will be reduced by 100 to 1,100 won per item starting on the 12th of next month. The price of the popular character cake "Latso Very Good Day" will also be cut by 10,000 won.
A CJ official said, "We decided to lower the prices of some products to actively join the government's effort to stabilize the cost of living and to reduce the burden on consumers," adding, "Following the flour price cuts, CJ will lower bread prices connected along the value chain to deliver a real price reduction effect to consumers and actively contribute to stabilizing prices."