Seoul: Paris Baguette, a bakery brand operated by South Korean food and beverage company Paris Croissant Co., said Friday it will raise prices of 127 products amid rising raw material costs. The company announced that starting Tuesday, prices for 86 bread products and 41 cake and dessert products will increase by an average of 5 percent, marking its first price hike in 18 months.

According to Yonhap News Agency, the company stated, "The decision was inevitable as raw material prices and other costs have sharply increased." This move comes in the wake of recent price adjustments by other food companies aiming to transfer the burden of higher costs onto consumers.

BR Korea Co., the local operator of Dunkin' Donuts, has already increased prices for 39 doughnut products by an average of 6.5 percent since August 2, citing similar reasons for the price escalation. Additionally, CJ Foodville, the food service arm of the CJ Group, a conglomerate involved in both entertainment and food industries, raised prices for 76 products by an average of 8.2 percent starting July 31.