Growing Shopping Cart Price Burden... Consecutive Price Increases for Ham, Noodles, and More

[Asia Economy Reporter Lee Seung-jin] Food companies facing increased cost burdens due to soaring prices of major ingredients have raised prices for products such as ham and refrigerated noodles. Since the beginning of this year, price hikes on key products have continued, increasing the burden on consumers' grocery bills.

According to the food industry on the 12th, CJ CheilJedang will raise prices of processed meat products including Spam, ham, and sausages by an average of 9.5% starting next month on the 1st. This measure is due to the rise in raw material pork prices.

Accordingly, the price of ‘Spam Classic 340g’ will increase from 5,880 won to 6,380 won, ‘Spam 25% Light 340g’ from 5,980 won to 6,580 won, and ‘Baeksul Original Vienna 120g’ from 2,000 won to 2,200 won.

The price increase reflects the rise in pork prices. According to the Livestock Products Quality Evaluation Institute, the domestic carcass price used for ham production was 5,403 won per kilogram last month, up 19.9% from 4,506 won last year.

The rise in grain prices used for feed and the spread of African swine fever, which reduced the number of pigs raised, are also causes.

Pulmuone also raised the supply prices of noodle and rice cake products. Pulmuone stated that the price hike was inevitable due to the soaring costs of major raw materials such as wheat, which have been rising for a year, increasing cost burdens.

Pulmuone has not disclosed the exact rate of increase. However, according to large supermarkets and convenience store operators, up to 40 types of Pulmuone’s noodles and rice cake products are included in the price hike items. The average increase rate is around 8%.

Among these, udon noodles showed a relatively high increase rate. ‘Saengappa Udon Single Serving’ and ‘Saengappa Stir-fried Udon Single Serving’ were changed to ‘Katsuo Saeng Udon Single Serving’ and ‘Teriyaki Stir-fried Udon Single Serving,’ respectively, with prices rising by 31%. ‘Saeng Katsuo Udon for Two’ and ‘Bibim Saeng Jjolmyeon’ increased by 10%, and ‘Fried Udon for Two’ rose by 8.4%.

The price hikes for these products are due to the recent sharp rise in wheat prices, their main ingredient. According to the Chicago Mercantile Exchange, wheat prices traded at $252 per ton this month, soaring about 40% compared to the same period last year ($183). Additionally, prices of other major ingredients such as rice and green onions are also on the rise, so further price increases are expected.

This content was produced with the assistance of AI translation services.