November 11, 2022

Seoul Dairy Cooperative to increase prices of milk by 6.6% next week

Seoul Dairy Cooperative, the biggest milk producer in South Korea, will increase the prices of its Seoul Milk products by 6.6% starting from November 17, 2022 due to the rising prices of raw milk, Korea JoongAng Daily reported.

A 1 litre (0.26 gallon) of milk from Seoul Milk will cost more than KRW 2,800 won (~US$2.13; KRW 100 = US$0.076) instead of the current KRW 2,710 (~US$2.06) as it is currently sold in discount marts.

A Seoul Milk spokesperson said the decision was made due to the rise in prices including raw milk, raw and subsidiary materials, and logistics fees, adding that they tried to minimise the growing gap.by increasing the effectiveness of business and production while also taking into account economic challenges.

The price of raw milk will rise by KRW 49 (~US$0.037) per litre to KRW 996 (~US$0.76) starting in the following year, according to the Korea Dairy Committee.

Because of lengthy deliberations this year, the price for raw milk will be increased by KRW 52 (~US$0.040) until the end of the year.

There will be price increases at other dairy businesses as well. Beginning Nov. 17, Maeil Dairies will increase the cost of its 900 millilitre (3.04 fluid ounce) milk product by 9.6% to KRW 2,860 (~US$2.18).

The price of Namyang Dairy Products' identical-sized milk product will increase, but the company has guaranteed that the new price will be less than KRW 3,000 (~US$2.28).

Dongwon F&B also disclosed that it would average a 5% price increase for its milk products.

-      Korea JoongAng Daily