Starting in October, major South Korean milk companies will raise their product prices, following the Korea Dairy Committee's decision to increase the cost of raw milk by the highest rate in 10 years. Namyang Dairy Products said it will raise the price of its 900 milliliter-carton of milk by 4.6 percent starting in October. As a result, the products' price at discount stores is estimated to rise to 2,900 wo.
A growing number of consumers are turning to imported sterilized milk products due to their lower prices amid soaring inflation, according to industry officials, Thursday. The steep price hikes of locally produced fresh milk in November have further encouraged more people to seek out alternatives.