Lotte Wellfood said on March 19 it will cut prices on nine items including confectionery, ice cream and packaged bread by up to 20 percent, averaging 4.7 percent. The cuts will apply to shipments from April 1 and will be rolled out gradually by distribution channel.

Lotte Wellfood said it decided on the price cuts to join the government’s price-stabilisation drive and despite recent high oil prices. It said it has continued high-intensity restructuring measures such as voluntary retirement to overcome an extremely worsening business environment due to rising overall cost burdens, but it aims to share the burden with people struggling amid recent international developments.

Items subject to the cuts include biscuits, candy, packaged bread and ice cream.

In biscuits, it will cut prices for two Umma Son Pie products. Umma Son Pie 127 grams will be cut 2.9 percent to 3,300 won from 3,400 won. Umma Son Pie 254 grams will be cut 2.9 percent to 6,600 won from 6,800 won.

In candy, it will cut prices for three products including Cheongpodo Candy and Peach Candy. Cheongpodo Candy 153 grams and Peach Candy 153 grams will be cut 4 percent to 2,400 won from 2,500 won. Cheongpodo Candy 323 grams will be cut 4 percent to 4,800 won from 5,000 won.

In packaged bread, it will cut prices for two products including Girin Wang Manju and Girin One-bite Honey Hotteok. Girin Wang Manju 95 grams will be cut 6.7 percent to 1,400 won from 1,500 won. Girin One-bite Honey Hotteok 250 grams will be cut 5.3 percent to 3,600 won from 3,800 won.

It will also cut prices for two ice cream products. Chaltteok Milk Bingsu Seol 250 ml will be cut 6.7 percent to 2,800 won from 3,000 won. Wa Soda-flavour 140 ml Pencil will be cut 20 percent to 800 won from 1,000 won.

A Lotte Wellfood official said, "Conditions are difficult due to rising costs from factors such as a weak won and high oil prices and increased uncertainty in international developments due to the war in the Middle East, but we decided on price cuts to stabilise the livelihood economy and ease the burden on consumers."