SEOUL, Feb 5 (YONHAP/APP): CJ Cheiljedang Corp., a major South Korean food company, said Thursday it will lower retail prices of sugar and flour products by up to 6 percent this week to help ease inflationary pressure.
The company said prices of its Baeksul-brand white and brown sugar, as well as flour products, will be reduced by up to 6 percent starting Friday.
“The price cuts reflect recent declines in international raw sugar and wheat prices, and are in line with the government’s efforts to stabilize consumer prices,” a company spokesperson said.
The move is also aimed at easing household financial burdens ahead of the Lunar New Year holiday later this month, he said.
CJ Cheiljedang said it will notify convenience stores, discount chains and supermarkets of the price cuts Friday, adding that the timing of retail price adjustments for consumers will depend on individual retailers’ decisions.
Last month, the company lowered its business-to-business (B2B) prices for sugar and flour by an average of 6 percent and 4 percent, respectively.
On the same day, Samyang, the country’s third-largest sugar producer after CJ CheilJedang and TS Corporation Co., said it would cut consumer prices for sugar and flour by up to 6 percent this month.
Daehan Flour Co. has lowered prices for some of its flour products by an average of 4.6 percent this month.