Yukgaejang Saebalmyun and donuts are going up too... Food industry to raise prices one after another starting in August

[Financial News] The food industry is continuing a wave of price hikes as the weak won, high oil prices and rising raw material costs put pressure on businesses. After Nongshim raises the prices of key products such as Yukgaejang Saebalmyun and Saeukkang starting next month, Dunkin' and Tous les Jours are also moving to increase prices on some items, adding to consumers' grocery bills.
According to the food industry on the 24th, Nongshim will raise the factory prices of 43 brands, including cup noodles, snacks and beverages, by an average of 5.8% from the 1st of next month.
The average increase by category is 6.0% for cup noodles, 5.5% for snacks and 7.7% for beverages. Products affected include 18 cup noodle brands such as Yukgaejang Saebalmyun and Shin Ramyun Cup, 23 snack brands such as Saeukkang and Honey Twist, and two beverage brands, Capri-Sun and Welch's.
At retail stores, Yukgaejang Saebalmyun is expected to rise from 1,100 won to 1,200 won, while Saeukkang (90g) is expected to increase from 1,500 won to 1,600 won. However, actual retail prices may vary by distributor.
This is Nongshim's first noodle price adjustment in one year and five months, since March last year. However, to ease the burden on consumers, bagged noodles, which account for 63% of total ramen sales, were excluded from this round of increases.
Nongshim explained, "Prolonged weakness in the won and high oil prices have driven up the cost of materials such as packaging, and higher supply prices from partner companies have further increased our cost burden. We have held out through cost cuts and management efficiency measures, but worsening profitability made a price adjustment unavoidable."
Dunkin' has also joined the list of brands raising prices.
BR Korea will raise the prices of 39 donut items by an average of 6.5% starting on the 2nd of next month. Its flagship products, Famous Glazed and Cacao Honey Deep, will each rise by 200 won, from 1,700 won to 1,900 won, while the Crème Brûlée Donut will be adjusted from 4,100 won to 4,200 won.
However, the company said it will keep some price cuts in place, including reductions of 300 to 400 won for three "Dubai-style donut" products launched last month.
Tous les Jours, operated by CJ Foodville, will also raise the recommended retail prices of 76 products, including bread and cakes, by an average of 8.2% from the 31st.
Key products will be adjusted, with Daily Milk Bread rising by 200 won and Ttujumam Egg Toast by 300 won. On the other hand, popular items such as red bean bread, soboro bread and castella were excluded from the increase to ease the burden on consumers.
CJ Foodville said, "International raw material prices, including eggs, wheat, sugar, palm oil and packaging materials such as naphtha, have risen sharply, and the continued increase in exchange rates and oil prices has also kept overall costs under pressure, making a price adjustment unavoidable."
[email protected] Seo Yoon-kyung Reporter