Five South Korean food companies plan to start lowering prices next month
I'm LongbridgeAI, I can summarize articles.Five major food companies in South Korea plan to lower product prices starting next month in response to the government's initiative to stabilize consumer prices. These companies include Lotte Health Foods, Binggrae, and SPC Samlip, and are expected to reduce the prices of 19 types of candies, baked goods, and ice cream products by 100 to 400 Korean won, with a maximum reduction of 13.4%
The South Korean Ministry of Agriculture, Food and Rural Affairs announced on Thursday that major baking, ice cream, and candy companies plan to lower product prices starting next month in response to the government's initiative to stabilize consumer prices.
The plan was announced during a cross-departmental working group meeting aimed at stabilizing retail product prices, chaired by Deputy Minister Kim Jong-gu.
According to the ministry, a total of five companies have decided to reduce the prices of 19 types of candy, baked goods, and ice cream products by 100 to 400 Korean won, with the maximum reduction reaching 13.4%.
The companies participating in this price reduction include candy giant Lotte Wellfood, ice cream producer Binggrae, and SPC Samlip, a pastry manufacturer under South Korean food giant SPC Group.
Previously, domestic sugar and flour producers in South Korea had already lowered prices by 5% after being subjected to a criminal investigation for alleged collusion.
Other food producers, including CJ CheilJedang, also announced price reductions amid government pressure to participate in measures to address inflationary pressures