CJ Cheiljedang, one of South Korea’s leading food companies, said on Thursday it will cut retail prices of sugar by up to 6 per cent starting this week, as part of efforts to help ease inflationary pressures, The Korea Times reported.
The company said prices of its Baeksul-brand white and brown sugar, along with flour products, will be reduced by up to 6 per cent from Friday. A company spokesperson said the decision reflects recent declines in global raw sugar and wheat prices and aligns with the government’s push to stabilise consumer prices.
The price reductions are also intended to ease household spending ahead of the Lunar New Year holiday later this month, the spokesperson added.
CJ Cheiljedang said it will inform convenience stores, discount retailers and supermarkets of the changes on Friday, noting that the timing of price adjustments for shoppers will depend on individual retailers.
Last month, the company had already lowered its business-to-business prices for sugar and flour by an average of 6 per cent and 4 per cent, respectively.
On the same day, Samyang, South Korea’s third-largest sugar producer after CJ Cheiljedang and TS Corporation, announced plans to reduce consumer prices for sugar and flour by up to 6 per cent this month.
