Dongdaemun Yeopgi Tteokbokki to raise prices for first time in 17 years

Dongdaemun Yeopgi Tteokbokki will raise prices on all its products by about 7 percent starting next July.

Hot Seasoner, the company that operates the chain, posted a notice on its website Monday saying it had no choice but to raise prices due to the steep rise in food and raw material costs over recent years.

The company said it had long resisted price increases by pursuing a high-volume, low-margin strategy, with consumer affordability as its top priority.

However, it said costs had now exceeded what it could absorb, citing years of difficult supply conditions for food and raw materials, the need to compensate employees, the expansion and upkeep of production facilities, and financial costs including returns to investors.

Hot Seasoner publicly committed that after this increase it would freeze both consumer prices and the ingredient supply prices charged to franchisees for at least eight years by maximizing internal production efficiency.

The chain's signature tteokbokki currently costs 14,000 won ($9), and a 7 percent increase would bring it to 15,000 won. Rose and mala tteokbokki varieties are expected to rise from 16,000 won to around 17,000 won each. Final prices for individual menu items may vary depending on the company's decision.

Dongdaemun Yeopgi Tteokbokki first opened in the Dongdaemun area in 2002 under the name "Ttangcho Buldakbal." After its spicy tteokbokki menu gained wide popularity, Hot Seasoner was incorporated in November 2009 to launch a full franchise operation.