The Korea Herald

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[Photo News] 'Milkflation' on the way

By Korea Herald

Published : June 11, 2023 - 16:24

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(Yonhap) (Yonhap)

A shopper browses in the milk section at a supermarket in Yangjae, southern Seoul, on Sunday. Dairy farmers and retailers have started talks to adjust the price of raw milk. Discussions are set to increase the base price from the current 69 won ($0.05) to 104 won per liter. According to the Korea Diary Committee, more than 300 dairy farmers have shut down their businesses in the past two years following the sharp decline in net income amid soaring raw materials costs.