Home Meal Essentials Like Instant Rice, Tuna Cans, and Curry Also See Price Hikes Amid Rising Costs

The cost of everyday groceries is climbing in South Korea as major food manufacturers announce price increases on essential "home meal" items. CJ CheilJedang, a leading food company, will raise prices on 27 items across eight product lines, including its popular Hetbahn instant rice, dumplings, and grilled fish. The price hikes, effective late July, will see Hetbahn increase by 12%, grilled fish by 8.4%, and dumplings by 4.6%.

Ottogi has also implemented price adjustments, increasing ex-factory prices for 29 items, including curry, glass noodles, and ketchup, starting mid-July. Increases range from 6.1% for curry and ketchup to 17% for pepper products. Sajo is reportedly in discussions with major retailers to raise prices on canned tuna by 10% and other canned seafood like saury and mackerel by 20% starting next month.

These manufacturers cite the prolonged high exchange rate, increased costs of imported raw materials and packaging, and rising logistics expenses as reasons for the price adjustments. CJ CheilJedang stated that while they had absorbed cost increases for as long as possible, the sustained rise in raw material prices necessitated these changes. However, they have excluded certain products popular among younger consumers, such as Hetbahn cupbaps, desserts, and sauces, from the latest round of increases.

The rising prices of these home-meal staples come on the heels of similar increases in the restaurant and franchise sectors. The food service industry, particularly mid-priced brands, began raising prices in early May. For instance, Theborn Korea, which operates brands like Yeokjeon Udon and Saemaul Sikdang, increased prices on some menu items by an average of 11% last month. This trend is expected to further burden household budgets as consumers face higher costs for both dining out and preparing meals at home.

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We have absorbed the cost increase factors as much as possible, but as the prices of major raw and subsidiary materials continue to rise, the cost burden has increased, so we have adjusted the prices of some products.