Samlip, a South Korean bakery and food company, will raise prices on about 50 bread products by an average of roughly 9% starting September 1, citing sharply higher costs for raw materials and other inputs, the company said August 9.
At convenience stores, the price of Samlip’s Jeongtong Boreumdahl bread will rise 11.1% to about $1.48 from $1.33, based on current exchange rates. HERSHEY Chocolate Sand will increase 9.1% to about $1.77 from $1.62, while Cheese Fresh Pang will rise 4% to about $1.92 from $1.84.
The products affected and the size of the increases will vary by retail channel, Samlip said.
Samlip said it had sought to absorb the impact of rising costs through internal cost-saving measures but had been forced to raise prices on some products because of a sharp increase in raw-material costs.
The company did not provide further details on how the price increases would affect its overall sales or profitability.
