Food Industry Price Cuts... Dongwon F&B Pauses Price Increase on Canned Products

Cancellation of Price Increase Plans for Sweet Corn, Hwangdo, and Kkongchi
"Considering the Burden on National Living Costs"

Dongwon F&B has decided to put on hold its previous plan to raise the prices of canned products in line with the recent price reduction trend in the food industry.

Sweet corn cans displayed at a large supermarket in Seoul
[Image source=Yonhap News]

According to the food industry on the 4th, Dongwon F&B canceled its plan to increase canned product prices this month. Initially, it planned to raise the price of sweet corn from 2,400 won to 3,000 won (25%) based on convenience store prices starting from the 1st, and increase the prices of yellow peaches and mackerel pike to 4,000 won (14.3%) and 5,500 won (10%) respectively, but it withdrew these plans and decided to maintain the current prices.

A Dongwon Group official explained, "Although there is a burden due to rising raw material costs, we have put the price increase on hold considering the national inflation burden." Recently, after the government recommended lowering ramen prices based on the decline in international wheat prices, various companies in the food industry have announced plans to reduce prices, and Dongwon F&B is also temporarily freezing product prices in consideration of this trend.

Earlier, Nongshim was the first to announce a price reduction plan by lowering the ex-factory prices of Shin Ramyun and Shrimp Chips by 4.5% and 6.9% respectively starting this month, followed by Samyang Foods, Ottogi, and Paldo, which also decided to lower prices on some ramen products. In addition, Lotte Wellfood reduced the prices of three types of snacks by 100 won each, Haitai Confectionery cut the price of Ivy Original by 10%, SPC lowered the prices of 30 types of bread including sliced bread and baguettes by an average of 5%, and Daehan Flour Mills also reduced the prices of major products by an average of 6.4%.

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