TAIPEI (TVBS News) — Taiwan Tobacco and Liquor Corporation (TTL) has announced a retail price increase for Taiwan Beer and its cigarettes, attributing it to escalating raw material and personnel expenses.
Starting August 1, the prices of Taiwan Beer products in retail outlets, convenience stores, and traditional supermarkets have risen by NT$5 per can or bottle.
TTL's cigarette prices have also surged by an amount ranging from NT＄5 to NT＄10 per pack.
The company has maintained the same prices for Taiwan Beer products for the past 22 years. However, due to the mounting costs associated with raw materials and personnel, coupled with the obligation to pay the government an annual sum of NT＄6 billion as a state-owned enterprise, a price adjustment has become imperative to sustain profitability.
In June, the company initially revised the prices for wholesale transactions of Taiwan Beer products, including Gold Label, Classic, and 18 Days Draft.
The extent of the price increase varies from 1% to 7%, depending on the scale of the wholesaler. TTL emphasized that the price modification does not surpass the escalated cost of raw materials.