Hite Brewery has lined up a price rise for its beers in its domestic Korean market, according to reports.

Asia Pulse said today (27 November) that the brewer will raise beer prices by around 2.6% next week.

The price for a 500ml bottle of beer will rise to KRW1,019.17 (US$0.87) from KRW993.55, while a 355ml can will rise to KRW1,101.21 from KRW1,073.52, the news service reported.

Hite has blamed an increase in the cost of materials and the weakness of the Korean Wong against the US dollar for the increase.

Earlier this year, Hite reduced the price band for the proposed 14.4m-share IPO of its spirits subsidiary, Jinro, to between KRW45,000 (US$37.3) and KRW50,000 from between KRW54,000 and KRW60,000 per share.