Hitejinro to raise beer prices on high costs

This photo shows beer products displayed at a large supermarket in Seoul, Nov. 9, 2023. Newsis

Hitejinro, Korea's leading beverage company, said Tuesday it will raise the prices of its flagship beer products later this month to reflect higher raw material costs.

Hitejinro will increase the retail prices of its mainstay Hite, Terra and Kelly beers by an average of 2.7 percent starting May 28, the company said in a press release.

"The price hike is inevitable as a weaker won has driven up raw material, logistics and manufacturing costs," the release said.

The company last raised product prices in November 2023.

However, 500-milliliter canned beers and low-malt FiLite products will not be subject to the planned price hike, in an effort to ease the financial burden on consumers.