Grocery, snack prices to increase starting in June

A shopper browses chocolate items at a supermarket in downtown Seoul on April 18. [NEWS1]

Koreans will have to handle tighter budgets in June as the prices of groceries and snacks are slated to be hiked starting on Saturday.

Lotte Wellfood said it will raise the price of 17 chocolate products by an average of 12 percent starting on June 1, which will impact popular items like Ghana chocolate and Pepero.

Starting on June 1, the price of a Ghana Mild (34 grams) chocolate bar will be raised to 1,400 won ($1.02), up 200 won from the current price. Pepero Chocolate (54 grams) will increase to 1,800 won from 1,700 won.

Other increases include Crunky (34 grams) from 1,200 won to 1,400 won and ABC chocolate (187 grams) from 6,000 won to 6,600 won. Binch (102 grams) will increase from 2,800 won to 3,000 won, Kancho (54 grams) from 1,200 won to 1,300 won and frozen chocolate dessert GooGoo Cluster will increase from 5,000 won to 5,500 won.

Lotte Wellfood blamed surging cocoa prices for the price hike, adding that the hike "only applies to chocolate products, not other items like biscuits."

Cocoa prices, which stayed at around $2,000 to $3,000 per ton for a decade, have been on an accelerator since January due to adverse weather conditions and cocoa diseases affecting major cocoa-producing countries like Ghana and Côte d'Ivoire in West Africa.

The cocoa price hit $8,109 as of Friday, around double from the beginning of the year, after reaching its peak of $12,000 a month ago.

Prices of food ingredients and groceries are also scheduled to be hiked in June.

Dongwon F&B will increase the prices of seaweed items by up to 25 percent. Its flagship product, a pack of sesame oil seaweed, will see a price increase of 8 percent, to 6,490 won.

A pack of Daechun seaweed product used for making kimbap will soar 25 percent to 9,990 won.

Sempio Foods plans to raise around 30 soy sauce products' prices by an average of 9 percent starting in mid-June.

The price of the 1.7 liter (1.8 quarts) of Naturally Brewed Soy Sauce 701 will be raised to 18,610 won from the current 17,010 won. It will be first time in two years Sempio increased soy sauce prices.

Prices of items at convenience stores will also see an increase, as 17 different types of Duracell batteries will be around 9 percent more expensive at convenience stores, while the price of Gillette's disposable razor will jump 12.5 percent.

Lotte Chilsung Beverage is currently in talks with big discount marts to raise its beverage prices by some 5 to 8 percent.

BY SARAH CHEA [chea.sarah@joongang.co.kr]