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Prices of hamburgers in South Korea have soared to new records, and this was blamed on the continuous price increase of raw materials. The bad news is that food and beverage companies may hike up costs even more in the coming days or months.
The prices of hamburgers and other food items in fast-food chains in the country showed a huge increase in April. Based on the data that was released by Statistics Korea on Thursday, May 4, the cost of burgers rose by 17.1% last month, which in March was only 10.3%, and this is said to be the highest hike since July 2004. Prices of pizza also went up by 12.2%, the highest since 2008.
Moreover, Pulse News reported that for fried chicken which is considered one of the leading staples in the country, its prices increased by 1.6% compared to March. This means they cost 6.8% more in April. Then again, the price hike for this food item already slowed down in recent months.
Almost all the fast-food chains that sell burgers in the country have implemented higher rates. For the home-grown brand Lotteria Co., its hamburger prices were raised by 5.1% in February.
Burger King was said to have raised its prices thrice already between January and March this year. McDonald’s prices were up by 5.4%, and the latest hike was in February as well.
Meanwhile, The Korea Herald reported that the country’s Minister of Agriculture, Food and Rural Affairs held a meeting with executives of the leading food and beverage franchises. It was attended by reps from Lotteria, Starbucks, Kyochon F&B, and BHC.
The minister asked the execs to avoid price increases or at least reduce them to help the consumers amid the difficulties brought about by inflation. However, despite this request, it appears that companies are also having a hard time keeping their prices low.
Photo by: Amirali Mirhashemian/Unsplash
