Burger chain Lotteria to raise prices on higher costs
Lotteria will raise the prices of 65 items, including 23 burgers, beverages and desserts, by an average of 3.3 percent from Thursday, Lotte GRS said in a press release.
Of them, the flagship Ria Bulgogi and Ria Shrimp burgers will be sold for 5,000 won ($3.41) per unit, up from the current 4,800 won, it said.
"The price hikes were inevitable to reflect a variety of rising costs, the won's weakness (against the dollar) and high raw materials prices due to climate change," the company said.
The move came just eight months after it announced 3.3 percent price hikes for its main products in August last year.
Food, coffee and beverage companies have recently increased their product prices, citing higher costs and the won's weakness against the greenback that pushes up their spending on raw materials mostly imported from overseas.
Starting March 20, McDonald's Korea raised the prices of 20 menu items by an average of 2.3 percent, pushing the price of the signature Big Mac meal by 200 won to 7,400 won.
Many others, including Starbucks Korea, instant noodle maker Nongshim Co. and dumplings maker CJ Cheiljedang Corp., have also raised their product prices. (Yonhap)
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