November 01, 2023 12:26
Korea's top soju maker Hite Jinro is raising prices in the wake of leading brewer OB Beer, which will soon be reflected on the menus of bars and restaurants.
Hite Jinro on Tuesday said it will raise the prices of soju by 6.95 percent starting from Nov. 9 for 360-ml bottles and PET bottles of less than 1.8 liters. This is the first price increase by Hite Jinro in a year and eight months.
Products in bottles of 1.8 liters or more and premium brands are excluded from the increase for now.
A staffer said, "Since the beginning of the year, the price of the main ingredient for soju, ethanol, has increased by 10.6 percent, and the price of bottles has risen by 21.6 percent. With significant increases in raw material and logistics costs, price increases are inevitable."
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