Price of gum in South Korea increases 400% in 20 years

[Graphics/ANN]

Factory prices of snacks and drinks increased rapidly over the past 20 years, data showed Wednesday.

Lotte Confectionery's Juicy Fresh gum had the largest price increase during the period, 400 percent, from 200 won in 1995 to 1,000 won in 2015.

Nongshim's Shrimp crackers increased by 267 percent, from 300 won in 1995 to 1,200 won in 2015.

Hite-Jinro's Hite beer had the lowest price increase, from 887.18 won in 1995 to 1,079.62 won in 2015, a 21.7 percent increase, while Chamisul soju increased by 88.6 percent (1998: 510 won; 2015: 961.7).

The price increase in popular snacks surpassed that of the overall consumer inflation, which The Bank of Korea estimated as 81.2 per cent over the same period.

It also exceeded that of bus and subway fares, which increased by 229 percent (1995: 350 won; 2015: 1,150 won).

Experts stated that many food companies cite the price of raw materials or labor costs for raising prices, but take most of the profits for themselves.