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Five South Korean Food Companies Plan to Cut Prices Next Month
South Korea’s Ministry of Agriculture, Food and Rural Affairs announced on Thursday that major bakery, ice cream, and candy companies plan to lower product prices starting next month in response to government efforts to stabilize consumer prices.
The plan was announced at a cross-sector working group meeting led by Vice Minister Kim Jong-gu of the Ministry of Agriculture, Food and Rural Affairs, aimed at stabilizing retail commodity prices.
According to the ministry, five companies have decided to reduce prices on 19 types of candies, baked goods, and ice cream products by 100 to 400 won, with the largest cut reaching 13.4%.
Participating companies include candy giant Lotte Wellfood, ice cream manufacturer Binggrae, and SPC Samlip, a pastry maker affiliated with Korea’s food conglomerate SPC Group.
Previously, domestic sugar and flour producers in Korea had cut prices by 5% after facing criminal investigations for alleged collusion and fraud.
Other food manufacturers, including CJ CheilJedang, also announced price reductions amid government pressure for them to participate in measures to combat inflation.