"Should We Stockpile?"... Prices Rise Even for Ramen, the 'Representative Common People's Food'

Ramen Prices 'Domino' Increase... Ottogi and Paldo Follow Nongshim
Choo Kyung-ho "Processed Food Industry, Please Minimize Price Hikes"

Ramen is displayed at a large supermarket in downtown Seoul. Photo by Asia Economy DB.

[Asia Economy Reporter Heo Midam] As the price of ramen, a representative 'common people's food,' continues to rise, consumers' sighs are growing deeper. With prices already soaring, the increase in prices of essential daily items like ramen is making consumers feel an even heavier burden from inflation. Some are even showing signs of stockpiling ramen before the price hikes.

Recently, Ottogi announced that it will raise the prices of its ramen products by an average of 11% starting from the 10th of next month. Accordingly, based on large supermarket retail prices, Jin Ramen will increase from 620 won to 716 won, Jin Bibimmyun from 970 won to 1070 won. Jin Jjambbong will rise from 1495 won to 1620 won, and Cup Noodles from 1280 won to 1380 won. This is the first time in about 1 year and 2 months since August last year that Ottogi has implemented a price increase on ramen.

Meanwhile, Paldo has also announced a price increase. Paldo plans to raise the prices of 12 ramen products by an average of 9.8% starting from the 1st of next month. The main product price increases include Paldo Bibimmyun at 9.8%, Wang Ttukbaegi at 11.0%, and Teumsae Ramen Bbalgyettok at 9.9%.

Recently, posts related to bulk purchasing of ramen have been continuously appearing on online communities. Photo by Naver screen capture.

Earlier, Nongshim, the number one ramen company, had already raised the wholesale prices of ramen by an average of 11.3% starting from the 15th. The increase rates based on wholesale prices are 10.9% for Shin Ramyun and 9.9% for Neoguri. The price of Shin Ramyun, which was sold at an average of 736 won per pack in large supermarkets, has been adjusted to about 820 won.

The reason for the ramen industry's consecutive price hikes is the rise in import prices of key ingredients such as wheat flour and palm oil. Recently, the won-dollar exchange rate has soared close to 1400 won, causing a significant negative impact on import prices.

As ramen prices continue to rise, some consumers are showing movements to stockpile ramen before prices increase further. Especially on online communities, photos certifying bulk purchases of ramen are being posted.

One netizen who bought ramen by the box said, "It's reassuring to stockpile ramen before the prices go up," adding, "Nothing is not rising these days. I was shocked to see the prices of cucumbers and pumpkins when I went to the supermarket today. Prices are soaring, but wages are not increasing, which makes me sigh."

Some local grocery stores limit the purchase quantity of ramen to 2 packs per customer. Photo by Naver Cafe screenshot.

Another netizen said, "Prices keep rising endlessly. Ramen is something I can eat without much burden, but now even ramen prices are increasing, which is stressful," adding, "I'm worried whether I should stockpile." Some local supermarkets have limited ramen purchases to two packs per customer in preparation for stockpiling.

Meanwhile, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho chaired the 'Living Cost Inspection Meeting' on the 19th and stated, "Regarding the recent consecutive price hikes in the food industry, the Ministry of Agriculture, Food and Rural Affairs will conduct daily monitoring of trends and actively engage in consultations with the industry to stabilize prices." He continued, "Many economic agents are already bearing the burden of rising prices, and I hope the processed food industry will minimize the factors for price increases through productivity improvements."

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