[Alpha Biz= Reporter Kim Jisun] Major domestic food companies raise the price of olive oil products by more than 30%. This is because international olive oil prices have soared as Spain, the largest producer of olives, suffers from drought and heat waves.
According to the food industry on the 13th, CJ CheilJedang and Sampyo each raised the price of olive oil sold to major retailers by more than 30% earlier this month. CJ CheilJedang's 'White Press Olive Oil' 900ml rose from 19,800 won to 26,500 won. Dongwon F & B and Sajo Daelim are also planning to raise olive oil prices by about 30% within this month.
According to the Korea Customs Service's import and export statistics, the unit price of olive oil imports rose every year from $3.9 per kilogram in 2020 to $10.6 in the first quarter of this year. The unit price of imports has more than doubled in four years.
The price of international olive oil is at an all-time high.
The increase in olive oil prices has also increased the cost burden on major restaurant companies and is likely to raise prices.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
