Burger Chain Lotteria to Raise Prices on Higher Costs



 

Lotteria, a burger chain operated by Lotte Group’s affiliate Lotte GRS Co., will raise prices of its main products next week to pass higher costs onto customers, Lotte GRS said Friday.

Lotteria will raise the prices of 65 items, including 23 burgers, beverages and desserts, by an average of 3.3 percent from Thursday, Lotte GRS said in a press release.

Of them, the flagship Ria Bulgogi and Ria Shrimp burgers will be sold for 5,000 won (US$3.41) per unit, up from the current 4,800 won, it said.

“The price hikes were inevitable to reflect a variety of rising costs, the won’s weakness (against the dollar) and high raw materials prices due to climate change,” the company said.

The move came just eight months after it announced 3.3 percent price hikes for its main products in August last year.

Food, coffee and beverage companies have recently increased their product prices, citing higher costs and the won’s weakness against the greenback that pushes up their spending on raw materials mostly imported from overseas.

Starting March 20, McDonald’s Korea raised the prices of 20 menu items by an average of 2.3 percent, pushing the price of the signature Big Mac meal by 200 won to 7,400 won.

Many others, including Starbucks Korea, instant noodle maker Nongshim Co. and dumplings maker CJ Cheiljedang Corp., have also raised their product prices.

source : https://koreajoongangdaily.joins.com/news/2025-03-28/business/industry/Burger-chain-Lotteria-to-raise-prices-on-higher-costs/2272949

Comprehension

What is Lotteria, and who operates it?
Why is Lotteria raising its prices?
How much will the price of Ria Bulgogi and Ria Shrimp burgers increase?
When was the last time Lotteria raised its prices?
What other food and beverage companies have raised prices recently?
How does the weak value of the South Korean won affect food prices?
What is the average percentage increase in Lotteria’s menu prices?
When did McDonald’s Korea last increase its prices, and by how much?
What external factors are contributing to rising food costs?
How does climate change affect raw material prices?

Discussion

Do you think companies should always pass higher costs onto customers? Why or why not?
How do rising food prices affect consumers and businesses?
Should governments intervene when food prices rise significantly? Why or why not?
How do exchange rates impact the cost of food and other goods?
In your opinion, what are some possible solutions for businesses facing rising costs?
What are the advantages and disadvantages of price increases for companies?
How can businesses balance profitability with customer satisfaction during inflation?
How does climate change contribute to food production costs?
Have you ever experienced a situation where rising prices affected your purchasing habits?
What do you think will happen if food prices continue to increase?

Vocabulary

Affiliate – A company that is connected to or controlled by a larger company.
Raw materials – The basic materials used to produce goods (e.g., wheat for bread, coffee beans for coffee).
Inevitable – Unavoidable; something that must happen.
Weakness (of a currency) – A situation where a country’s currency loses value compared to others.
Greenback – A slang term for the U.S. dollar.
Inflation – The rise in the prices of goods and services over time.
Profitability – The ability of a business to make money.
Consumer – A person who buys goods and services.
Intervene – To get involved in a situation to change or stop something.
Spending – The amount of money used to buy goods or services.