Pepero prices stay frozen for one more month

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.

A person points to the price of Pepero, a chocolate snack made by Lotte Wellfood, at a supermarket in downtown Seoul on April 18. Lotte Wellfood will hike the prices of 17 chocolate snacks and ice cream products by an average of 12 percent amid record-high cocoa prices. [NEWS1]

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.

"The price revisions will take effect at convenience stores starting July 1," a spokesperson for Lotte Wellfood told the Korea JoongAng Daily on Monday. "We are still in talks regarding the implementation timeline for other retail channels."

The spokesperson added that the planned price adjustment will not impact products sold abroad.

The Korean confectionery giant announced last week its intention to increase prices by an average of 12 percent, starting May, in response to record-high cocoa prices.

Under the plan, Ghana Mild (34 grams) will see its prices at convenience stores rise to 1,400 won ($1) from 1,200 won. Pepero Chocolate (54 grams) will increase to 1,800 won from 1,700 won.

The decision to delay the price adjustment follows a government request for postponement to enable price stabilization.

Following the conclusion of the general election on April 10, the food and retail sectors, previously cautious of government oversight, have initiated price hikes.

Coupang raised the price of its paid membership by 58 percent, from 4,990 won to 7,890 won, prompting other companies to follow suit. Other anticipated price increases include items like pens, eggs, lighters, and sanitary pads at convenience stores, chicken from franchises like Popeyes and Goobne, and gim (dried seaweed).

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]