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[아시아경제 이승진 기자] At the beginning of the new year, major food companies raised product prices at once, but there is a prospect that consumer inflation is starting from now. International grain prices such as soybeans, corn, and wheat are expected to rise sharply, leading to an increase in overall food prices.
According to information on the overseas grain market of the Korea Rural Economic Institute on the 20th, the price of soybeans traded on the Chicago Futures Exchange (CBOT) on the 17th was $508 per ton (ton), up 55% from a year ago. Wheat rose 13% to $237 a ton, and corn rose 44% to $218 a ton.
As raw material prices rose so sharply, Paris Baguette increased the price of 95 items, which is 14.4% of its 660 products, by 5.6% on average. Previously, Tous Les Jours, the second-largest bakery brand, also raised the price of 90 products on average by 9% due to rising raw material prices.
The problem is that in Europe and some parts of the United States, an all-time cold wave caused by extreme weather will hit the country, causing grain prices to rise further. In general, it takes about half a year for grain prices to be reflected in consumer prices, but companies that have not yet raised product prices are highly likely to raise prices further. Products that consume a lot of daily life, such as sweets, ramen, and instant food, are the targets.
In particular, rising grain prices will lead to higher feed prices, which will affect the prices of imported oxygen and pork. In the case of Korean beef sirloin, the price per 100g exceeds 12,000 won and is recording a record high. If the price of imported meat rises, the inflation experienced by consumers will be even greater. Imported meat is expected to be a direct hit in consumer prices as it is widely used in food service companies and in HMR, which has been in high demand due to Corona 19.
In addition, from August this year, the price of crude oil will rise by 21 won (about 2.3%) from 1034 won per liter to 1055 won per liter according to the demands of the dairy industry. Due to the corona 19, food service is stopped and milk consumption is decreasing, so it is inevitable for dairy producers to raise prices. An official from the dairy industry explained, “If the price of crude oil rises, the price will be increased in one to two months, and the price will increase in September as early as possible.”
In addition, avian influenza (AI), which has been continuing for four months, is also positioned as a primer for rising consumer prices. Egg and chicken prices, which have soared day after day, have slowed for a while, but AI is continuing to spread. The chicken industry is currently disrupting the supply of chicken cuts, so if the current situation prolongs, it is possible to consider raising chicken prices.
Meanwhile, at the beginning of this year, major food companies raised product prices all at once due to rising raw material prices. Lotte Chilsung Beverage raised the price of beverages by an average of 7.0% in six years, and CJ CheilJedang and Ottogi raised the price of instant rice by around 7%. From the 25th, McDonald’s Korea will increase the price of a total of 30 types, including 11 types of burgers, up to 300 won. Lotteria also raised the price of 25 products, such as burgers and desserts, and Sampyo raised the price of canned food for side dishes by an average of 42%.
Reporter Seungjin Lee [email protected]
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