"Bread Prices Higher Than Overseas"... After Presidential Warning, Paris Baguette and Tous les Jours Cut Prices

As President Lee Jae Myung recently pointed out that "bread prices in Korea are higher than abroad," leading domestic bakery franchises Paris Baguette and Tous les Jours, ranked first and second in the market, will lower prices on key products such as bread and cakes starting next month.
According to the bakery industry on the 27th, Paris Baguette will cut prices from the 13th of next month, reducing six types of bread by 100 to 1,000 won and five character cakes by 8,000 to 10,000 won. Popular items favored by ordinary consumers, such as red bean bread, streusel bread, and cream puff bread, will each be reduced by 100 won, from 1,600 won to 1,500 won.
Five popular character cakes will see price cuts of up to 10,000 won. The Huntrix Golden Cake will go down from 39,000 won to 29,000 won, while the Soda Pop Cake will be reduced from 33,000 won to 25,000 won.
In addition, the company plans to launch a value-for-money croissant priced in the 1,000-won range sometime next month.
A company representative explained, "Although we are facing difficulties due to continued cost increases, we decided to lower prices to ease the burden on consumers and to join the government’s efforts to stabilize prices." Samlip, another affiliate of SPC Group, is also reviewing price cuts for its products.
Tous les Jours, operated by CJ Foodville, will also reduce the supply prices of 17 types of bread and cakes by an average of 8.2%. Starting on the 12th of next month, 16 items including red bean bread will be discounted by 100 to 1,100 won, and the popular character cake "Latso Very Good Day" will be lowered by 10,000 won.
CJ CheilJedang has also moved to further cut flour prices. The company had already reduced flour prices by 4 to 5.5 percent, but on this day it announced an additional average 5 percent reduction across all products.
A CJ Foodville official stated, "We are lowering prices on some products with the aim of actively supporting the government’s policy to stabilize the cost of living and to reduce the burden on consumers."
Samlip is also reportedly considering price reductions.
This is the first such move since sugar and flour makers, after being investigated for collusion, cut sugar and flour prices by around 5 percent.
Earlier, President Lee Jae Myung, during a Senior Presidential Aides Meeting at Cheong Wa Dae (the Blue House) on the 5th, effectively singled out raw material suppliers as a cause of high prices, saying that domestic bread prices are higher than overseas because of flour and sugar costs. On the 24th, Lee further stressed that the benefits of lower prices for sugar and other raw materials must be passed directly on to consumers.
On that day, Lee said, "If we cut sugar prices but the prices of products that use sugar remain unchanged so that consumers see no benefit, that is unacceptable," adding, "When we administer policies, if the targets of those policies do not comply, we must firmly devise punitive measures. Only then will administrative authority be upheld."
moon@fnnews.com Reporter Moon Young-jin Reporter