[Edaily Reporter Kim Ji-woo ] Ottogi(007310)is raising the retail prices of OTOKI Rice at convenience stores and discount stores due to rising costs of rice and packaging materials. This marks the first price increase for OTOKI Rice in approximately 4 years and 5 months, since April 2022.

According to the food industry on the 1st, OTOKI is raising the prices of three types and 21 varieties of OTOKI Rice sold at convenience stores starting today. The affected products include white rice, multigrain rice, and konjac rice.

Looking at the major price increases for convenience store products, the price of the “Sprouted Brown Rice” 3-pack and the “Sprouted Black Rice” 3-pack rose by 29.4%, from 6,800 won to 8,800 won. OTOKI Small Rice (150g) rose 23.5% from 1,700 won to 2,100 won; OTOKI Delicious Large Rice (300g) increased 21.4% from 2,800 won to 3,400 won; and OTOKI Rice (210g) also went up 20% from 2,000 won to 2,400 won.

Prices at discount stores, such as large supermarkets, will increase starting on the 7th. Based on discount store prices, a “12-pack of OTOKI Rice 210g” will rise 7.7%, from 12,980 won to 13,980 won. The “OTOKI Rice 210g, 10-pack” will rise by 9.1%, from 10,980 won to 11,980 won. The “Sprouted Brown Rice 210g, 3-pack” and “Sprouted Black Rice 210g, 3-pack” will each see a 7.2% increase, rising from 6,980 won to 7,480 won.

OTOKI cited deteriorating profitability due to rising prices of packaging materials and raw rice as the reason for the price hike. The company explained that while it had previously absorbed the cost increases internally, continued cost pressures made a price adjustment unavoidable.

An OTOKI spokesperson stated, “As a comprehensive food company, we carry a wide range of products, and we are doing our best to delay price increases for each item as long as possible.” They added, “However, since we are deciding on price increases only for items where cost pressures persist and adjustments are unavoidable, there may be differences in the timing of price increases across different products.”