Seven-Eleven raises prices on 6 private-label ready meals by average 5%

Seven-Eleven has raised prices on some of its private-label products this month, amid a wave of price increases sweeping the retail sector.

Six of the convenience store chain's private-label items went up by an average of 5 percent starting Aug. 1, according to industry sources. Doenjang Sulbap (510g) and Kimchi Jjageuli (480g) each rose from 5,500 won to 5,700 won, a 3.6 percent increase. Jikwa Baeomnun Buldakbal (200g) climbed 6.7 percent from 8,900 won to 9,500 won, while Jikwa Bulmakchang (180g) went up 4.2 percent from 9,500 won to 9,900 won.

However, the chain cut prices on two private-label snacks. Seven Select Gyeran Cookie and Seven Select Basasak Lobster Chip both dropped from 1,800 won to 1,700 won, a 5.5 percent reduction.

A Seven-Eleven official said the increases came "at the request of partner companies due to rising labor costs and raw material prices."

The broader food industry has been rolling out a string of price hikes. Nongshim raised factory prices on 43 products — including Shin Ramyun Cup — by an average of 5.8 percent on Aug. 1. Sajo lifted prices on canned tuna, fermented sauces and cooking oils by up to 20 percent on Monday. CJ CheilJedang increased prices on 27 items — including Hetbahn cooked rice, mandu and grilled fish products — by an average of 8 percent starting July 30. Coca-Cola Beverage also raised factory prices on select products — including Coca-Cola, Sprite and Fanta — by an average of 7.2 percent this month. Lotte Chilsung had already raised prices on 44 items, including Chilsung Cider and Pepsi Cola, by an average of 5.3 percent starting June 26.