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

According to Yonhap News Agency, the company revealed that prices of its Baeksul-brand white and brown sugar, along with flour products, will be reduced starting Friday. A company spokesperson stated that these price cuts are in response to recent declines in international raw sugar and wheat prices and align with the government's initiatives to stabilize consumer prices.

The company also aims to alleviate household financial burdens ahead of the Lunar New Year holiday later this month. CJ Cheiljedang plans to notify convenience stores, discount chains, and supermarkets of the price cuts on Friday, though 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. On the same day, Samyang, the country's third-largest sugar producer after CJ Cheiljedang and TS Corporation Co., announced it would also reduce consumer prices for sugar and flour by up to 6 percent this month. Daehan Flour Co. lowered prices for some of its flour products by an average of 4.6 percent this month.