6% increase! Many large dairy companies in South Korea announced an increase in milk prices

The price of raw milk in South Korea has risen sharply recently, which may trigger a wave of chain price increases for dairy products, bread, and coffee.

The Seoul Milk Cooperative (Seoul Milk) recently stated that as the price of raw milk rises, it will increase the price of processed milk by an average of 6% from the 17th.

The price of 1 liter of pure milk products, a representative product of Seoul milk, will increase by 6.6%, and the price in large supermarkets will increase from 2,710 won (about 14.3 yuan) to 2,800 won.

A related person from Seoul Milk said that due to the increase in the basic price of raw milk and the increase in the price of raw and auxiliary materials, logistics costs, and production costs, the overall price increase of dairy-related products is a foregone conclusion. Now that the economy continues to recover and inflationary pressures are increasing, we have tried our best to reduce the fluctuation of price increases.

In addition, the Korea Dairy Promotion Association decided to increase the price of raw milk by 49 won per liter on the 3rd of this month. Considering the delay in raising the price of raw milk this year, it decided to increase the price by 3 won per liter, and finally set the price at Increased by 52 won.

As a result, many dairy companies are now raising dairy prices one after another. The milk brand "Daily Dairy" will increase the price of 900ml of milk by 9.6% (from 2,610 won to 2,860 won) from the 17th. In addition to Daily Dairy, Nanyang Dairy, Bingrui, etc. will also increase product prices.

It is reported that the increase in the price of dairy products may exacerbate concerns about the compound word "milk inflation (Milkflation)" of milk (Milk) and inflation (inflation). Some analysts believe that this phenomenon may lead to a domino effect of price increases for cheese, ice cream, bread and other dairy products including milk.