Maeil Dairy announces 250-won milk price increase
The price of milk will increase for the first time since November, 2011. Maeil Dairy, the nation’s second-largest producer, said yesterday it will raise the
price of a liter of milk by 250 won (22cents), or 10.6 percent, from 2,350 won to 2,600 won at large discount stores effective Aug. 8.
The company blamed the price increase on rising production costs, citing crude oil, which will go from 834 won per liter to 940 won on Aug. 1.
The nation’s largest dairy manufacturer, Seoul Milk, and the third-largest producer, Namyang Dairy, are expected to follow suit.