Prices of soft drinks, grocery set to rise in Sept. amid inflation concerns

[Photo by Lee Seung-hwan]

The prices of soft drinks, coffee, and staples such as kimchi, are expected to go up starting next month, raising concerns about sluggish consumer spending amid the ongoing economic downturn.

Coca-Cola Beverage, a subsidiary of LG Household & Health Care Ltd., announced on Monday that it will raise prices on products sold at convenience stores by an average of 5 percent from September.

The price hikes are driven by sustained cost pressures from imported raw materials, labor, and manufacturing expenses.

The price of a 350ml can of Coca-Cola will increase from 2,000 won ($1.5) to 2,100 won. The 1.5-liter bottles of Coca-Cola and Coca-Cola Zero will go from 3,900 won to 4,000 won, up 2.6 percent.

This marks the first price increase for Coca-Cola products in 20 months, since January 2022.

Sprite is also seeing price hikes, with a 355ml can rising from 1,700 won to 1,800 won, up 5.9 percent. The 1.5-liter Sprite bottle will jump by 9.4 percent, from 3,200 won to 3,500 won.

Other drinks, including sports drinks and teas, will also see higher prices.

Powerade Mountain Blast (240ml) will rise 8.3 percent from 1,200 won to 1,300 won.

A 500ml bottle of Mate Tea of the Sun will increase from 1,400 won to 1,600 won, and Georgia coffee varieties such as Original, Max, and Café Latte (240ml) will go from 1,300 won to 1,400 won.

Lotte GRS Co. recently increased prices at Lotteria and raised prices for Krispy Kreme doughnuts by an average of 3.5 percent. Additionally, the price of Pure Milk Soft Cones has jumped by 400 won.

Daesang Corp., a major kimchi producer, announced that the price of its Jongga Mat Kimchi (50g) sold at convenience stores will increase by 10 percent from 1,000 won to 1,100 won starting in September.

Among alcohol beverages, Kooksoondang will raise the price of Baekseju by 9 percent, bringing the price of a 375ml bottle from 4,600 won to 5,100 won.

Paik’s Coffee, operated by The Born Korea, raised prices on some of its beverages on August 23. The price of Misugaru and iced tea increased by 300 won, bringing them to 2,700 won and 2,500 won, respectively.