Photo = Yonhap news

 

 

[Alpha Biz= Paul Lee] Ottogi announced on Thursday that it will increase the factory prices of 16 types of instant noodles, including Jin Ramen, by an average of 7.5% starting April 1.


The price of Jin Ramen, based on large supermarket sales, will rise from 716 KRW to 790 KRW, while Odongtong Noodles will increase from 800 KRW to 836 KRW. Jjasyllang will go from 976 KRW to 1,056 KRW, and Jin Ramen cup noodles will be raised from 1,100 KRW to 1,200 KRW.


This marks Ottogi’s first ramen price hike in two years and five months since October 2022. An Ottogi representative stated, “Due to the recent surge in raw material costs caused by exchange rate fluctuations, as well as increased logistics and labor expenses, we had no choice but to raise prices.” Additionally, Ottogi will increase the price of its ready-made curry and jjajang sauce products supplied to convenience stores by approximately 13.6% next month.


Paldo is also internally reviewing a price increase for its Bibim Men noodles. Meanwhile, Nongshim raised the price of Shin Ramyun from 950 KRW to 1,000 KRW on March 17, whereas Samyang Foods, known for its Buldak Ramen, stated that it is not currently considering a price hike.


Price increases are happening across various sectors. Recently, food and beverage (F&B) companies such as McDonald's Korea, Lotte Asahi Liquor, Binggrae, and Woongjin Foods have also raised prices. Earlier this month, CJ CheilJedang increased the supply prices of over 20 Bibigo dumpling products and Spam, while CJ Foodville’s Tous Les Jours raised prices for 110 types of bread and cakes.


According to Statistics Korea, processed food prices last month rose by 2.9% compared to the previous year, marking the highest increase in 13 months.

 

 

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