HiteJinro, the largest soju producer in South Korea, announced plans to increase the soju price of its popular soju and beer products by an average of 7% starting in November 2022. This is to address the rising costs of ingredients, materials, and logistics due to inflation. Soju prices at restaurants are expected to increase to around 7,000 won per bottle after this hike. The government has been putting pressure on companies to limit price increases to curb inflation, but soju makers are facing shrinking profits due to higher costs. Soju is South Korea’s second most consumed alcoholic beverage after beer. Tap for more at Kedglobal.com
