Following Ottogi, Nongshim Also Raises Ramen Prices by 6.8%

Based on Ex-factory Price, Shin Ramyun 7.6%, Ansungtangmyun 6.1%, Yukgaejang Sabalmyeon 4.4%

[Asia Economy Reporter Lim Hye-sun] Following Ottogi, Nongshim will also raise the wholesale prices of major ramen products.

Nongshim announced on the 29th that it will increase the wholesale prices of major ramen products, including Shin Ramyun, by an average of 6.8% starting from the 16th of next month. This is the first time Nongshim has raised ramen prices in 4 years and 8 months since December 2016.

The price increase rates for major products based on wholesale prices are 7.6% for Shin Ramyun, 6.1% for Ansungtangmyun, and 4.4% for Yukgaejang Sabalmyeon. Accordingly, the price of Shin Ramyun, currently sold at an average of 676 won per pack in large supermarkets, is expected to be adjusted to about 736 won. Actual retail prices may vary by distribution store.

Nongshim stated that considering the impact of ramen prices on consumer prices, it has internally pursued cost reduction and management efficiency to endure cost pressures, but due to the recent cumulative cost pressures from rising prices of key ramen raw materials such as palm oil and flour, as well as labor costs, logistics costs, and selling and administrative expenses, it has inevitably decided to raise prices.

A Nongshim official said, “Since ramen is closely related to the national diet, we adjusted the prices at the minimum level.”

Earlier, Ottogi decided to raise the prices of major ramen products, including Jin Ramyun, by an average of 11.9% starting next month. Ottogi's ramen price increase is the first in 13 years and 4 months since April 2008.

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