Lotte Wellfood will postpone its scheduled price hike of chocolate products by one month to June, following a government order. The planned hike was expected to affect 17 chocolate snacks and ice cream products, including popular items like Pepero.
Korea's import prices climbed for a third consecutive month in March, driven by the deprecating won and rising oil prices amid persisting geopolitical tensions in the Middle East.
The government has extended the fuel tax cut to the end of June as oil prices fluctuate with escalating tension in the Middle East.
Oil prices have climbed in recent weeks, spurred by concerns over supplies and geopolitical risks, including wars in Ukraine and the Middle East. Analysts say the momentum could carry prices higher.
The Bank of Korea maintained its interest rate at 3.5 percent amid uncertainties about inflation and global oil prices. A rate cut could be possible starting in July.
A shopper walks past an aisle where cooking oils are displayed at a discount mart in Seoul on Sunday.
Gold prices hit an all-time high in New York on Wednesday, reaching a record of $2,315 per ounce at close.
Korea’s inflation grew more than 3 percent for the second straight month in March, largely driven by an increase in agricultural products.
Samyang Corporation and Daehan Flour reduced the prices of their flour products in response to a price adjustment initiated by CJ CheilJedang last month.
The average gasoline price nationwide was 1,639.5 won per liter from March 24 to 28, up 1.5 won compared to the week before, according to Opinet, the Korea National Oil Corporation’s oil price management system.
Korea JoongAng Daily Sitemap