Chamisul soju price to rise on input inflationChamisul soju is getting more expensive, Hite Jinro said Wednesday.
In the first increase in more than three years, the factory price of the iconic drink will be upped 6.45 percent starting next month. The change will take the price of a 350-milliliter (11.8-ounce) bottle from 1,015.70 won ($0.88) to 1,081.2 won.
“After we last raised the price in November 2015, we have seen an increase in the price of several inputs, such as raw materials and manufacturing expenses,” said a spokesperson for Hite Jinro.
The spokesperson added that the cost of production has increased 10 percent since the last price adjustment and noted that the company changed the factory price as little as possible.
“We have seen a continuous rise in sales, both in Korea and abroad, but have seen a continuous drop in operating profits,” a company source said.
Hite Jinro’s announcement came a month after OB decided to raise the price of its beers by more than five percent.
Diageo Korea also announced adjustments, taking the price of its whiskey up an average of 10 percent.
BY JIN MIN-JI [email@example.com]