Food prices rise sharply ahead of presidential elec

As South Korea’s June 3 presidential election approaches, a surge in food prices is straining household budgets and stoking voter unease. The increases are fueled by a weakened won, soaring global commodity prices, and the absence of a coordinated inflation response due to the recent imposition of emergency martial law and the political upheaval that led to the snap election.

Coffee and chocolate products are among the hardest hit. ANGELINUS Coffee will raise prices by 200 to 300 won per beverage starting Thursday. Bakery and café chain Tous Les Jours will follow on May 30, increasing prices on 32 coffee items by 100 to 500 won. Dong Suh Foods plans a 7.7% hike for its coffee products, including the popular Maxim brand, beginning in June—its second increase in six months after an 8.9% jump last December.

Chocolate prices are also climbing. Ferrero Rocher and Kinder products will rise by an average of 11.5% next month.

Beer is not exempt. HiteJinro raised prices on Terra, Kelly, and Hite beers, with 355mL cans increasing from 2,250 to 2,500 won, and 500mL bottles from 2,400 to 2,500 won. Its 1.6L PET bottles will rise from 7,900 to 8,300 won, a 2.7% hike. Oriental Brewery has also raised factory prices of its Cass and HANMAC beers by 2.9%.

Other major food and beverage companies, including Nongshim, Seoul Milk, JINJU, Coca-Cola Korea, and Genesis BBQ, have finalized plans for price hikes in the coming weeks.

Amid speculation that the timing may be politically motivated, the government has denied any link to the election. “The food industry’s pricing decisions reflect a range of cost-related factors such as raw material prices, exchange rates, and labor costs—not political developments,” the Ministry of Agriculture, Food and Rural Affairs said in a statement.


이민아 기자 omg@donga.com