[Edaily Reporter Kim Ji-woo ] Ottogi(007310)OTOKI is raising the price of “OTOKI Rice” by up to 9.1% due to rising prices 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 prices on three types and 21 varieties of “OTOKI Rice” sold at convenience stores starting today. The affected products include white rice, mixed-grain rice, and konjac rice. Prices at discount stores, such as large supermarkets, will increase starting on the 7th.

Based on discount store prices, the “OTOKI Rice 210g, 12-pack” will increase by 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. Actual retail prices may vary by distribution channel.

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, ongoing cost pressures made a price adjustment unavoidable.

An OTOKI spokesperson stated, “As a comprehensive food company, we handle a wide range of products, and we are refraining from price increases as much as possible for each item until the very last moment.” They added, “However, since we are deciding on price increases only for items where cost burdens persist and adjustments are unavoidable, there may be differences in the timing of price increases by product.”