South Korea: Lotte Liquor announces prices hike
Liquor prices are continuing to increase across South Korea, the latest being those from Lotte Liquor, industry sources said on June 1.
Starting this month, prices of liquor from Lotte Chilsung Beverage’s distiller unit will increase by up to 10 percent.
Soju brand Chum-Churum, Chungha rice wine and Kloud beer are among the tipples to see a change in price, Lotte Liquor said.
The company explained that while they tried to reduce consumer burden by maintaining the price, an eventual increase was inevitable as costs of subsidiary materials, logistics and labor increased.
A bottle of Chum-Churum at a convenience store will go from 1,660 won to 1,800 won ($1.50), 300 millilitres of Chungha rice wine from 2,300 won to 2,500 won and a 1.6-liter bottle of Kloud will now cost 7,400 won, a 10.4 percent increase.
Lotte Liquor is not the only local distillery or brewery bumping up the price.
Last month, Hite Jinro hiked the price of soju brand Chamisul, and rival Oriental Brewery showed a similar pattern for its Cass, OB Premier and Cafri beer brands.
Meanwhile, Lotte Confectionary also increased the price for four of its popular snacks - Butter Coconut, Veggie Crackers, Zec, and Lotte Sand - starting this month.
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