Namyang Dairy Products Company announced on Friday that it will raise milk prices from October 14. 

The price tag of white milk will go up by an average four-point-nine percent while fermented milk will rise zero-point-three percent and processed milk products by one-point-six percent.

The company said a hike is inevitable due to increased production costs, including a more than 20-won rise per liter in the price of raw milk. It added that it worked to keep the increase as small as possible. 

The announcement comes as other dairy manufacturers are rolling out price hikes. The Seoul Dairy Cooperative, number one in the industry, has raised its milk prices by an average five-point-four percent starting Friday in its first hike in three years. Maeil Dairies plans to raise its prices by four to five percent as early as next week.

Binggrae also announced that its banana milk and yogurt prices will increase by about six to seven percent from mid-October, explaining that material prices have risen across the board to unmanageable levels. 

As milk becomes more expensive, bread, biscuit, coffee and ice cream prices are all also expected to go up.