Liquor firms freeze alcohol prices due to gov't pressure

• Published date: 01 March 2023
• Publication title: The Korea Times

Brewers and distilling companies here have decided to freeze the prices of their alcoholic beverages for the time being due to government interference. This is all part of the government's campaign to curb inflationary pressures, according to industry officials Wednesday.

The country's largest liquor firm HiteJinro said Monday that it has no plan to increase the price of soju, or Korean distilled spirits, for some time.

"There are several factors that push us to increase the price (of soju and beer), but we are not considering it so as to lessen the burden on consumers and restaurant owners in the current economic slump," a HiteJinro official said.

Oriental Brewery (OB) also said it will freeze the price of its beer products.

"Despite the government's decision to raise the tax on beer, we will not increase our products' prices," an OB official said.

Earlier in January, the government revised the Enforcement Decree of the Liquor Tax Act to increase the tax rate on beer by 30.5 won per liter and 1.5 won per liter of raw rice wine from April.

This has led many to...