Convenience stores put freeze on ice cream prices

A customer selects an ice cream at a convenience store in Seoul. [NEWS1]

Korea's convenience stores are freezing their ice cream prices despite the scheduled wholesale price hike, following a series of price cuts in the food industry as part of efforts to tame rising inflation.

Major convenience store chains GS25, CU, 7-Eleven, and Emart24, announced on Thursday that they will hold off on applying the price increase for Lotte Wellfood's ice cream, which was initially planned for July 1.

Currently, GS25 carries all 15 products that Lotte Wellfood intended to raise prices on. CU carries 10 products, 7-Eleven carries 13, and Emart24 carries 14. Each of these convenience store chains decided to freeze the prices of all the products they offer.

As a result, popular bar-type ice cream products like Screw Bar and Watermelon Bar will remain at their current price of 1,200 won ($0.91), while tube-type ice creams such as Papiko will continue to be sold at 1,500 won.

Previously, the wholesale price of Lotte Wellfood's ice cream for convenience stores was set to increase by 25 percent increase starting in July, with the selling price expected to rise by 300 won.

"We have reached this conclusion driven by the public's desire for price stability," said a spokesperson from GS25, the first convenience store brand to make such an announcement.

Convenience stores will also adjust their selling prices for ramyeon and crackers from July, reflecting the cuts made by instant noodle manufacturers and confectionery firms.

Instant noodle producers like Nongshim and Ottogi, and even confectionery and bakery companies announced price cuts one after another upon the government's call to contain living costs.

Finance Minister Choo Kyung-ho appeared on a TV program on June 18, where he mentioned that companies would "adjust the ramyeon prices accordingly" with the decrease in global wheat prices.

Nongshim first made the initiative on Tuesday to decrease the wholesale prices of its flagship Shin Ramyun by 4.5 percent and Shrimp Cracker by 6.9 percent. Consequently, the price of a single package of Shin Ramyun in convenience stores is expected to decrease by 50 won to 950 won, while the price of Shrimp Cracker is anticipated to be reduced by 100 won to 1,400 won.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]