Lotte Confectionery to increase prices of 11 snacks on September 1

Lotte Confectionery’s Custard snack displayed at a discount store in Seoul on Thursday [YONHAP]

Lotte Confectionery announced on Thursday it will raise the prices of 11 types of snacks by an average of 12.2 percent.

Lotte Custard, Lotte Sand and Ppada Coconut are among the 11 snacks that will be sold at a higher prices starting on September 1.

The price of Ppada Coconut and Lotte Sand will rise by 13 percent from 1,500 won ($1.3) to 1,700 won, while the price of ABC Chocolate will jump 25 percent from 2,000 won to 2,500 won.

The company said it decided to raise prices of the snacks because “prices of raw materials like sugar, whole egg liquid and packaging surpassed the level we can endure.”

The announcement followed the price increase by Haitai Confectionery & Foods earlier this month.

Haitai raised the average price of its five snacks, including Home Run Ball and Butter Ring, by an average of 10.8 percent.

Prices were adjusted starting on Aug. 1.

BY JIN MIN-JI [jin.minji@joongang.co.kr]