Planned alcohol price hike to add to livelihood woes

• Published date: 28 February 2023
• Publication title: The Korea Times

Prices of beer and soju may go up again following last year's hike, which would add to the people's woes in the midst of economic uncertainties.

Beer and soju have been possibly the two most-sought-after drinks among consumers at times of economic difficulty as they are cheap compared to other alcoholic beverages.

Under the circumstances, the Ministry of Economy and Finance said the tax levied on beer will increase by 30.5 won per liter to 885.7 won beginning in April, following a 20.8 won increase per liter in 2022.

The planned tax hike is worrisome as it comes amid increases in costs of raw materials, shipping, labor, electricity and other production-related processes.

For instance, brewing company HiteJinro ticked up the warehouse price of its two flagship beer brands ? Terra and Hite ? by 7.7 percent in 2022.

Another brewing company, Lotte Chilsung, increased the warehouse price of its Kloud beer by 8.2 percent during the same year.

No soju tax hike is planned. But the price of ethanol, the key raw...