Seoul: CJ Cheiljedang Corp., a major South Korean food company, announced it will lower retail prices of sugar and flour products by up to 6 percent this week to help ease inflationary pressure.

According to Yonhap News Agency, the company will reduce prices of its Baeksul-brand white and brown sugar, as well as flour products, starting Friday. This decision aligns with recent declines in international raw sugar and wheat prices and supports the government's efforts to stabilize consumer prices, as stated by a company spokesperson.

The price cuts are also intended to alleviate household financial burdens ahead of the Lunar New Year holiday later this month. CJ Cheiljedang plans to inform convenience stores, discount chains, and supermarkets of the price reductions on Friday. However, the timing of retail price adjustments for consumers will depend on individual retailers' decisions.

Last month, CJ Cheiljedang reduced its business-to-business (B2B) prices for sugar and flour by an average of 6 percent and 4 percent, respectively.