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McDonald’s Korea is set to raise prices of food items, and the new rates are taking effect starting Feb. 17. The fast-food chain said that its move comes after other restaurants implemented price hikes not long ago.
According to The Korea Herald, McDonald’s Korea said late last week that it is planning to raise prices of at least 30 items on its menu list. Customers may expect a price increase of 2.8 percent.
With the price list at the Korean unit of McDonald’s, the price of leading food items such as the Bulgogi Burger will now cost ₩2,300 from ₩2,200, and this is about $1.92. Coffee is also affected by the markup, and a small-sized Americano will now be ₩1,900 won. Its previous price was only ₩1,700.
Customers will also see new prices for McDonald’s Korea’s popular combo meals. Starting this Thursday, they will be ₩200 to ₩300 more expensive. Then again, the burger joint said that the prices of its McSpicy Shanghai Burger and the bestselling Big Mac meal would remain the same.
In recent weeks, despite the inflation fears, McDonald’s Korea was the only fast-food brand in the country that has not yet imposed a price increase on its menu. It was mentioned that in December, after the inflation has started, Burger King, Lotteria, and Shake Shack hiked prices up. Lotteria implemented the highest increase, which was 4.1 percent, while BK was only 2.9 percent and the latter was at three percent.
Now McDonald’s Korea also decided that it should follow suit as well. An official from the fast-food explained, “We have decided to raise prices of some food items in response to rising costs in ingredients and international logistics.”
Meanwhile, with the changes in prices, South Korea’s Finance Minister Hong Nam Ki said the government will be keeping an eye on price increases. He assured the consumers during a meeting last week that they will not be lenient and come down hard on any unlawful practices such as excessive price hikes or collusion, especially on restaurant and processed foods prices.
“Stabilizing consumer prices and managing economic risks are the most important goals within the first quarter,” Korea Joongang Daily quoted the finance minister as saying. “Government departments including the Fair Trade Commission will significantly increase their market monitoring within this month.”
