Private-brand milk prices hiked by chainsPrices of store-brand milk products at large discount chains have been raised 7 percent to 14 percent following hikes in the price of raw milk by dairies.
According to the retail industry yesterday, the three large discount chains, E-Mart, Lotte Mart and Homeplus, have all carried out price hikes on milk.
Most store brands, also known as private brands or PB milk products, remain much cheaper than products processed by food manufacturers.
One liter of Good Product 1A Milk, Homeplus’s store brand, sold for 1,500 won ($1.41) until last Thursday, around 40.5 percent cheaper than 2,520 won for a liter of Seoul Milk.
One liter of Good Product 1A Milk now sells for 1,700 won. The price for 1.8 liters went up from 3,280 won to 3,650 won.
The discount chain increased the price of 11 PB milk products by 7.2 percent to 14.9 percent.
E-Mart, the nation’s largest discount chain, raised the prices of nine milk products since Oct. 10 by 8.3 percent to 10.9 percent.
One liter of 1st Grade Milk now sells for 1,870 won, up from 1,700 won, and one liter of 1A Grade Milk has gone up from 1,880 won to 2,060 won.
Lotte Mart hiked 31 milk and yogurt products by 6.9 percent to 10 percent since last Friday.
Meanwhile, dairy companies said consultations to raise the B2B prices of milk, paid by coffee shops and bakeries, are under way, which could affect the prices of coffee and bread.
“The hike could vary according to the different circumstances of coffee shops and bakeries,” said a spokesman for Maeil Dairy.
The nation’s largest dairy producer, Seoul Milk, said no B2B price hikes will take place this year.
BY Kim Jung-yoon [firstname.lastname@example.org]