South Korea: HiteJinro to raise prices of its beer products by 2.7%

HiteJinro announced on May 13th that it will increase the average ex-factory price of beer products by 2.7% starting on the 28th due to rising prices of key raw materials. This price increase is the first in 1 year and 6 months since November 2023.

However, to lessen the burden on consumers, the prices of some items, including the 500ml canned beer, which is the most sold in the home channel, and the sparkling drink Philate, have been frozen. The company noted that this decision was made considering the economic situation and the burden on the restaurant industry.

HiteJinro also considered raising the price of soju but ultimately decided not to increase it.

Earlier, the top beer company OB also raised the ex-factory prices of major beer products such as CAS Corporation and Hanmac by an average of 2.9% starting in April. OB had previously increased beer prices in 2023, after which HiteJinro followed by raising prices for both beer and soju.