Updated February. 08, 2014 04:09
The prices of confectioneries, pastries and beverages are rising one after another.
Samlip General Foods said Friday it will increase the prices of its 175 pastry products step by step from February 17. The prices of its major products will rise by 100 won (9 cents) to 200 won (18 cents). The average increase rate of the company`s products is 6.4 percent. Samlip said the prices of 528 of its 703 products will remain intact.
Crown, a major confectionery maker, also increased the prices of seven of its products by 7.1 percent to 10 percent, starting from those produced in this month. The Big Pie, its flagship product, will carry a price tag of 3,000 won (2.79 U.S. dollars), up from 2,800 won (2.60 dollars). The price of the Corn Chips will increase from 2,800 won to 3,000 won, and that of the Butter Waffles from 1,000 won (93 cents) to 1,100 won (1.02 dollars). The two companies` price hikes are based on the suggested retail prices.
On Thursday, Nongshim raised the price of its Shrimp Chips by 10 percent while increasing the prices of other popular snack products. Lotte Chilsung also plans to hike the price of the Chilsung Cider, one of the country`s most popular soda beverages, by 8.3 percent, followed by Coco-Cola`s 6.5-percent increase last month. In December 2013, Lotte Confectionery and Haitai Confectionery, Korea`s two leading snack manufacturers, upped the prices of Pepero and Ace, their most popular products, by 20 percent and 16.7 percent, respectively.
Korea Investment & Securities Co. predicted Nongshim`s stock price increase, saying that Nongshim will also increases for its ramen products following the price hike of its snack products.