April 26, 2024
Retail & Consumer
Consumers goods firms hike prices
[THE INVESTOR] The prices of snacks, drinks and cosmetics rose as the end of the year draws near while speculations are rising over price surges in instant noodle and coffee products, according to industry officials on Nov. 18.
Earlier this month, Oriental Brewery, South Korea’s largest brewer, raised beer prices by an average of 6 percent, adjusting the prices for the first time in over four years.
On Nov. 1, U.S. soft drink giant Coca-Cola increased the prices of Coke and Fanta by an average of 5 percent in nearly two years.
The adjustment came months after local confectionery makers, including Nongshim, Haitai Confectionery & Foods, and Lotte Confectionery, hiked their snack prices.
Industry experts say coffee beverages are also expected to become more expensive as the coffee bean prices have jumped over 30 percent this year due to supply deficit.
There are also speculations that ramen makers are set to raise prices, which have sharply boosted share prices of food companies, such as Nongshim, this week. The nation’s No. 1 ramen maker earlier denied its plan to raise product prices for the time being.
(theinvestor@heraldcorp.com)
Earlier this month, Oriental Brewery, South Korea’s largest brewer, raised beer prices by an average of 6 percent, adjusting the prices for the first time in over four years.
On Nov. 1, U.S. soft drink giant Coca-Cola increased the prices of Coke and Fanta by an average of 5 percent in nearly two years.
The adjustment came months after local confectionery makers, including Nongshim, Haitai Confectionery & Foods, and Lotte Confectionery, hiked their snack prices.
Industry experts say coffee beverages are also expected to become more expensive as the coffee bean prices have jumped over 30 percent this year due to supply deficit.
There are also speculations that ramen makers are set to raise prices, which have sharply boosted share prices of food companies, such as Nongshim, this week. The nation’s No. 1 ramen maker earlier denied its plan to raise product prices for the time being.
(theinvestor@heraldcorp.com)
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