This photo shows a customer selecting Otoki's a pack of Jin Ramyun at a large discount store outlet in Seoul, March 20. Yonhap

About 40 companies have recently raised or will raise their product prices to reflect higher manufacturing costs, data compiled by Yonhap News Agency showed Sunday, sharply putting upward pressure on inflation.

The companies, which mainly sell food and beverages, cited a weak won against the dollar and higher raw material costs as the main reasons for their price hikes.

Industry watchers note the firms may have made the decision to raise prices as the government is facing difficulties in tightening its grip on consumer prices amid political uncertainties that followed the Dec. 3 imposition of the short-lived martial law by President Yoon Suk Yeol.

There are concerns that the on-year growth rate of processed goods and restaurant prices may soon exceed 3 percent, affecting overall consumer prices, they said.

Restaurant prices already jumped by 3 percent from a year earlier in February, while the prices of processed goods increased by 2.9 percent, according to earlier reports.

Twenty-nine companies, including Starbucks Korea, Paris Baguette, CJ Cheiljedang and Nongshim, have already increased their product prices, while 10 companies, including Oriental Brewery and Otoki, plan to raise prices next month.

In January, Starbucks Korea raised the prices of 22 kinds of coffee and other beverages by a range of 100 won to 300 won ($0.07-$0.21).

Starting April 1, Otoki plans to raise the retail prices of 16 "ramyeon" products by an average of 7.5 percent.

Lotteria, a nationwide fast-food chain, plans to raise the prices of 65 items, including 23 burgers, by an average of 3.3 percent April 3.

The government and consumer rights groups have expressed concerns over the price hikes and their impact on the economy.

"Companies' domino-like price hikes will further weigh on consumer sentiment, which is already frozen amid growing uncertainties," the Korea National Council of Consumer Organizations said in a recent press release.

The government has been asking companies that have reported high operating profit margins to refrain from raising prices, according to a government official. (Yonhap)