Milk prices rise once again in South Korea

Milk prices rise once again in South Korea

haps Magazine Korea

Consumers can expect higher prices on dairy products, particularly white milk, as a direct consequence of rising raw milk costs.

Seoul Milk Cooperative has announced a 3% increase in the factory price of their ‘Na 100% Milk’ (1 liter) at major discount stores.

This adjustment brings the cost of 100% raw milk at large supermarkets to approximately 2,900 won, nearly reaching the 3,000 won mark.

Maeil Dairies is also following suit with price hikes ranging from 4% to 6%.

Processed milk items will see a 5-6% increase, while fermented milk and cheese products will see a more substantial rise of 6-9%.

Namyang Dairy is increasing the factory price of Delicious Milk GT (900ml) by 4.6% and raising other dairy products by an average of 7%.

Dongwon F&B is applying a 5% average increase to their dairy prices.

Binggrae, meanwhile, plans to incrementally raise prices on white milk products like Good Morning Milk (900ml) and Banana Flavored Milk (240ml) by 5.9%, beginning on the 6th.

This price surge is attributed to the surge in crude oil prices, with the Dairy Promotion Association previously announcing an 8.8% per liter increase in the basic price of raw milk starting October 1.

Despite the overall cost pressures stemming from a nearly 10% increase in raw milk prices, escalating labor, energy, and auxiliary material expenses, companies are striving to minimize the impact on consumers, aiming to keep the price per liter (or 900 ml) of white milk below 3,000 won at major supermarkets.

The industry anticipates a potential ripple effect, often referred to as ‘milk inflation,’ where prices of other products such as bread and ice cream, which rely on milk as an ingredient, may also see increases. Last year, rising crude oil prices led to a 10% hike in milk product prices, followed by 6% for bread and a significant 20% increase in ice cream prices.

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