"Can't Take It Anymore"... Price Hikes Queue Up Starting Next Month

[Anchor]

Food prices are continuing to rise, ranging from everyday instant noodles to snacks and bread. Companies state that it is no longer sustainable as prolonged high oil prices and high exchange rates have caused the costs of raw materials and packaging to skyrocket.

Reporter Chae Heesun has the details.

[Reporter]

Nongshim announced that it will raise the factory prices of 43 product lines, including major bowl-type instant noodles, snacks, and beverages, by an average of 5.8% starting on the 1st of next month.

Based on retail store prices, Saewukkang (shrimp-flavored snacks) and Yukgaejang Cup Noodles are expected to rise by 100 won each to 1,600 won and 1,200 won, respectively.

This marks the first price hike for Saewukkang, the top-selling product in the domestic snack market, in 3 years and 11 months.

Nongshim explained that price adjustments were inevitable due to soaring cost pressures, while adding that packaged instant noodles such as Shin Ramyun were excluded from the price hikes.

[Nongshim Official: Due to the aftermath of high exchange rates and high oil prices, the costs of materials such as packaging have soared, deepening the burden of production costs. Domestic profitability has deteriorated further due to increases in supplier delivery prices driven by recent tensions in the Middle East.]

Dunkin' will raise the prices of 39 types of donuts by an average of 6.5% starting on the 2nd of next month citing rising costs, and Tous les Jours will raise the retail prices of its bread and cakes starting later this month.

Previously, CJ CheilJedang also raised the prices of major items such as Hetbahn (instant rice), dumplings, and grilled fish by an average of 8%, while Lotte Chilsung Beverage and Ottogi also increased prices for major product groups.

The consumer inflation rate exceeded 3% for two consecutive months.

With dining-out costs also soaring, the successive increases in grocery prices inevitably amplify the burden felt by consumers.

[Lee Dong-hyun / Yangcheon-gu, Seoul: I definitely feel it a lot. The items I always buy are the same, but every time I come, the prices keep going up...]

The government stated that it will expand the supply of items such as eggs and mackerel and host the largest-scale discount events targeting all categories of agricultural, livestock, and fishery products to stabilize dining table prices.

(Video Editing: Park Ji-in, Design: Seo Seung-hyun, VJ: Jung Han-wook)
※ Please note: This article was translated by AI and may contain errors.