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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. ....
The sharpest-ever raw milk price hike has not only resulted in a rise in milk prices, but also caused worries over additional increases in the prices of dairy products, such as cheese, flavored milk, ice cream, bread and coffee. Binggrae, for example, announced on Friday that its flagship Banana-flavored Milk in a 240-milliliter plastic bottle will be sold for 1,700 won ($1.30) at convenience stores, up 13.3 percent from its previous price. ....
Purmil CEO Shin Dong-hwan, second son of company founder Shin Jun-ho, took office in 2018, which is when Purmil started to see its business performance decline. The dairy firm showed 257.5 billion won ($180.5 million) in sales for 2017, but sales decreased every year to reach 180 billion won as of last year. ....