Chamisul Fresh, the best selling soju [Courtesy of Hitejinro]
Hitejinro Co, South Korea's largest maker of the popular soju liquor, will raise ex-factory prices for the first time in 3 years, and its local rivals are likely to follow suit shortly.
Soju is a staple of Korean cuisine, a grain and rice alcohol often likened to Russia’s vodka, so many soju lovers in Korea may be getting irate.
Hitejinro Co said on Friday it will raise the ex-factory prices of its soju products by an average of 5.62 percent from Monday (Nov 30), citing the accumulated cost burden since its last price hike in 2012.
The ex-factory price of the company’s best-selling ‘Chamisul Fresh’ brand will be hiked to 1,015.70 won from the current 961.70 won per bottle.
Soju prices still look cheap, but Friday’s price hike is a potentially meaningful move in a country still faced with lingering deflationary pressures.
Bt Alex Lee
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