Diageo plans whisky price hike in Korea

Diageo plans to raise the price of its whiskies in South Korea by around 5% after factors affecting the cost reach “unbearable level”.

Prices of Johnnie Walker, J&B Reserve and The Singleton will rise by an average of 5%.

Factory prices of Johnnie Walker Red in 375ml and 700ml bottles are expected to rise by 5.02% to 13,079 won (£7.50) and 24,607 won (£14), respectively, while the price of The Singleton, a single malt whisky, will rise to 61,193 won (£35) for a 700ml bottle of its 12 Year Old edition, and 83,160 won (£48) for its 15 Year Old edition.

However, Cîroc vodka will see an 8% decrease in the price of 375ml bottles.

A spokesperson from Diageo said: “Despite the continuous cost pressures, the company had refrained from increasing the factory prices of these products.

“However, it has become inevitable for the company to make adjustments to the prices of certain products as both internal and external factors affecting the prices, as well as higher labor costs and producer prices, now reached to the unbearable level.

 “As the world’s largest alcoholic beverages company, Diageo continues to make its utmost effort to set the best practices in corporate social responsibility.”

Earlier this year, Diageo finally settled a six-year court battle over accusations of Scotch whisky tax evasion in South Korea.