A series of price hikes have been realized as companies that were wary of the government's pressure to stabilize prices, raised product prices all at once as soon as the April 10 general elections were over.

According to the food, retail and foodservice industries on April 18, Lotte Well Food will raise the prices of 17 products, ranging from sweets and chocolates, such as Pepero, to ice cream such as Gugu Cluster, by an average of 12 percent from next month. "The price of cocoa in chocolate has jumped significantly in the past year," a Lotte Well Food official said, adding that the company could “no longer accept the government's request to refrain from raising prices."

Other confectioners are weighing the timing of price hikes. They complain that the prices of raw materials are too expensive. In fact, the price of cocoa, which averaged $2,000 to $3,000 per ton from January to October last year, recently soared to $10,411. The price of raw sugar, a raw material for sugar, has also been increasing.

The price of seasoned seaweed, an indispensable side dish in Korean meals, is also on the rise. Major seasoned seaweed companies, Kwangcheonkim, Sunggyung Food, and Daechungim, have raised product prices by 10 to 20 percent this month.

A company official said, "The price of unprocessed seaweed was 70,000 won for a 120-kilogram net a year ago, but now it has increased fivefold to 350,000 won,” adding, "We cannot rule out the possibility of further increases." Conglomerates Dongwon F&B and CJ CheilJedang are also expected to raise their product prices soon.

Prices of daily necessities are also set to rise starting next month. At convenience stores, the prices of some ballpoint pens, cigarette lighters, and sanitary pads will increase by up to 33 percent. A convenience store industry insider said, "Manufacturers have informed us of the increase in the delivery unit price, citing an increase in raw materials and production costs. GS25, CU, 7-Eleven, and Emart24 will all raise the prices equally.”

Prices are also expected to rise for daily necessities, such as Pigeon fabric softener and Sofy sanitary pads, as well as snacks, seasoned seaweed, and some instant noodles, at hypermarkets.

Chicken companies have already announced price hikes. Goobne raised the prices of nine products by 1,900 won on April 15. Popeyes also raised prices of chicken and other products by an average of 4 percent (about 100 to 800 won). "Kyochon and BHC, which raised prices last year, as well as BBQ, are also under pressure from rising costs caused by inflation and the increase of labor costs and delivery fees," said a chicken industry insider, adding, "I don't know how long we can follow the government’s request.”

Coupang increased the price of its WOW membership service by 58.1 percent from 4,990 won to 7,890 won. Ms. Choi (43), an office worker living in Suseo-dong, Seoul, said, "A few years ago, I could easily use its Rocket Delivery service for 2,900 won per month, which was very reasonable, but I think I will have no choice but to stop using the service if the price rises to 8,000 won per month.” She added, "The cost of eating out has risen so much that I’ve been packing my lunch to eat at the office, and I think I should also cut back on ordering food through Coupang Eats delivery service.“

The price of essential food for the common people's meals, such as cooking oil and soybean paste, has already risen considerably. According to the Korea Consumer Agency, the price of cooking oil (100 ml) soared by an average of 49.8 percent on-year in the first quarter of this year, followed by sugar (27.7 percent) and soybean paste (17.4 percent). The price of curry (16.3 percent), milk (13.2 percent), flavored meat (12.3 percent), coffee mix (11.6 percent), red pepper paste (7.8 percent), ham (7.6 percent), and cereals (6.7 percent) was also raised.

The situation is expected to be worse in the future. With rising oil prices and Korean won-dollar exchange rate, as well as a war crisis in the Middle East, there is a general consensus that a series of price hikes are inevitable. In particular, in the case of food companies, they do not have to notify each of the price increase of thousands of products, so if they raise their product prices subtly, ordinary people cannot feel their wallets become thinner. A “trick,” such as subtly reducing the size or changing the name of a product to make it a new product with the same packaging and raising the price, is also a subject of caution.

Lee Eun-hee, a consumer studies professor at Inha University, said, "It is urgent to introduce a 'greed index' that can identify companies that excessively raise prices to fuel inflation (Greedflation) by taking advantage of an inflationary situation."