Increased Spending on 'Jipkok'... Consecutive Price Hikes for Ramen and Snacks

[Asia Economy Reporter Seungjin Lee] Prices of ramen and snacks have simultaneously increased due to rising raw material costs caused by the surge in international grain prices. Since these products saw a significant increase in consumption as people stayed home more during COVID-19, the inflation felt by consumers is expected to be even greater.

According to the industry on the 14th, Samyang Foods will raise the recommended retail prices of 13 ramen products, including Samyang Ramen and Buldak Bokkeum Myun, by an average of 6.9% starting next month on the 1st.

Samyang Ramen will increase from 810 won to 860 won, and Buldak Bokkeum Myun will rise from 1,050 won to 1,150 won. Jjajjaroni and Matitneun Ramen will go up by 50 won, while Carbo Buldak Bokkeum Myun and others will increase by 100 won.

This price hike by Samyang Foods is the first in 4 years and 4 months since May 2017.

Paldo will also raise ramen prices by an average of 7.8% starting next month on the 1st. The price increase by product based on supply price is 10.9% for Bibimmyun, 8.6% for Wang Ttukgop, 6.1% for Dosirak, and 6.3% for Ilpoom Haemul Ramen. Actual retail prices may vary depending on the retailer.

This is Paldo’s first ramen price increase in 9 years and 2 months since June 2012. The reason for the increase is the rise in manufacturing costs.

Earlier, Ottogi raised ramen prices by an average of 11.9% starting this month. Its flagship products Jin Ramen increased by 12.6%, Snack Ramen by 11.6%, and Yukgaejang (cup noodles) by 8.7%.

Nongshim will raise prices of all ramen products, including Shin Ramen, by an average of 6.8% starting from the 16th. The increase rates are 7.6% for Shin Ramen, 6.1% for Ansungtangmyun, and 4.4% for Yukgaejang Sabalmyeon.

Lotte Confectionery announced that it will raise the prices of 11 types of products, including snacks, by an average of 12.2% starting from the 1st of next month.
[Image source=Yonhap News]

Ottogi’s ramen price increase comes after 13 years and 4 months, and Nongshim’s after 4 years and 8 months.

Snack prices are also rising. Lotte Confectionery will raise prices of 11 products by an average of 12.2% starting next month on the 1st.

The ‘Custard’ (6 pieces) will increase from 3,000 won to 3,500 won based on the recommended retail price. For large-size products, the price remains the same but the quantity will be reduced from 12 to 10 pieces. Lotte Sand, Butter Coconut, Zec, Vegetable Cracker, and Harvest will increase from 1,500 won to 1,700 won. Waffle Mate, Apple Jam Cookie, and Strawberry Cookie will rise from 3,600 won to 4,000 won.

ABC Chocolate will increase from 2,000 won to 2,500 won, with the weight increasing from 65g to 72g. Kkokkalcorn’s price remains the same, but the quantity will decrease from 72g to 67g for the 1,500 won product.

Haitai Confectionery also raised prices of five representative snacks, including Home Run Ball, Matdongsan, and Butter Ring, by an average of 11% starting this month on the 1st.

The domino effect of these price increases is due to the sharp rise in prices of key raw materials such as oil and flour since last year.

This year, wheat prices have risen about 20%, and palm oil prices about 60%. Wheat prices jumped 30% in the first half of the year alone, prompting flour suppliers to recently adjust their supply prices.

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