Soju Prices on the Rise Once Again in Korea

The price of Korean’s favorite alcohol is about to get a little more expensive.

Many local and domestic soju makers are raising prices as companies cite difficulties in manufacturing costs and a decrease in soju consumption.

The companies say the decrease is due to the 52-hour workweek and tougher restrictions on drinking and driving.

Last year, the government announced a price freeze when major companies Hite Jinro and Lotte Liquor attempted to raise prices.

However, this year, a 6% increase has been implemented by popular brands such as Muhak’s “Joeun Day”, which averages about 100 won per bottle.

Local soju-maker Daesun Soju has not announced if they will increase prices yet, though management does see view enough reasons for an increase.

With the price increase, the average bottle of soju at a restaurant runs on average between 4,000 won to 5,000 won.T

The price of soju saw its highest rise of 11.7% in 2016 since records were kept in 2000 according to Statistics Korea.

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Haps Staff
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