Confectionery firms to put prices back on ice cream
Four major confectionery companies are adjusting the retail cost of frozen desserts by between 40 and 100 percent and marking the prices on the package starting in September.Lotte Confectionery, Lotte Food, Haitai Confectionery & Food and Binggrae announced the measures on Sunday, as revenue from ice creams and popsicles faltered by up to 7 percent year-on-year in June and July despite historic summer heat. The confectionery companies blame supermarkets offering hefty discounts to sell more of the products.
In 2010, the companies were allowed to remove the retail price from packages, which was meant to spark competition among retailers and curb inflation.
with the Korea JoongAng Daily
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