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Food firms and restaurant chains in Korea have initiated price increases immediately following the government's appeal to mitigate inflation impacts until the recent general elections. This decision comes in the wake of the elections that concluded last Wednesday, signaling a potentially widespread trend of adjustments in the food industry.
Popeyes Korea Takes the Lead
Popeyes Korea, according to Korea Times, announced an average 4% price hike across a range of products, including fried chicken, sandwiches, desserts, and beverages, starting Monday.
The company also imposes a 5% delivery fee. This marks the first price adjustment by the U.S. fast food chain since its re-entry into the Korean market in December 2022, after leaving in late 2020. An official from Popeyes Korea explained the decision as a response to the recent inflation, increased labor costs, and delivery fees, ensuring that efforts will be made to minimize customer impact through various discount options.
Goobne and Others Follow Suit
Similarly, Goobne, known for its oven-roasted chicken, has increased the prices of nine products by 1,900 won ($1.40) due to rising delivery, personnel, and rental costs. This is the chain's first price hike in two years, underscoring the financial strain felt by franchises.
As per The Manila Times, other firms like bhc, Kyochon F&B, and Genesis BBQ, which recently opened its seventh branch in the Philippines, have also adjusted their pricing, reflecting the broader industry's struggle with inflating operational costs.
Government's Stance on Price Hikes
The trend of price increases has prompted concerns over potential inflationary impacts, with industry officials noting that companies had previously stalled price adjustments due to government pressure despite rising ingredient costs. Notably, Lotte Wellfood is contemplating raising the prices of Ghana Chocolate in response to the global cocoa and sugar shortage.
In a statement on Monday, Deputy Prime Minister and Finance Minister Choi Sang-mok outlined the government's intent to take stringent action against unjustified price hikes, particularly if they exploit the recent surge in international oil prices, emphasizing a commitment to combat inflation amid growing economic uncertainties.
Photo: Popeyes Newsroom
