Customers in a McDonald store in Seoul in this photo taken on Oct. 20, 2023. Newsis

McDonald's Korea said Thursday it will raise the prices of 16 menu items by an average of 2.8 percent from May 2 due to higher logistics and labor costs.

The 16 menu items subject to price hikes include the Egg Bulgogi Burger, Bulgogi Burger, Cheese Burger and Triple Cheese Burger. But the prices of the signature Big Mac and several others will remain unchanged, the company said in a statement.

On Nov. 2, McDonald's raised the prices of 13 menu items by 3.7 percent after increasing some menu prices by 5.4 percent in February last year.

The U.S. burger chain earned a record 1.118 trillion won ($814 million) in Korea for the whole of 2023 up from 994.6 billion won a year earlier, according to a regulatory filing.

Its operating losses narrowed to 20.28 billion won from 27.78 billion won during the same period. Net losses also narrowed to 31.88 billion won from 36.29 billion won.

The Big Mac Index, developed by the Economist magazine in 1986, has been used as an informal way of measuring the purchasing power parity of different countries and currencies. (Yonhap)