Ramen and Cooking Oil Prices to Drop Next Month... Will Pork and Eggs Be Next?

Ten Food Companies Including Nongshim and CJ to Cut Ramen Prices by 4.6-14.6% and Cooking Oil by 3-6%

Ministry to Conduct On-Site Inspections for Pork Hoarding and Price Hikes

System Reforms Planned by End of May to Stabilize Livestock Product Prices

Ten food companies, including Nongshim and CJ CheilJedang, have decided to lower the prices of ramen and cooking oil by up to 14.6% starting next month. Food manufacturers are joining the government's policy of stabilizing consumer prices. To further manage perceived inflation, the government has designated rice, pork, eggs, flour, petroleum products, and other items as specially monitored categories, and has also begun investigating pork stockpiles after signs of hoarding were detected.

An official from the Ministry of Agriculture, Food and Rural Affairs stated on March 14, "Recently, there is evidence that the reason for the high price of pork hind leg, the main ingredient for processed meats such as ham and sausage, is that some companies are holding excessive inventories for a long period, thereby driving up prices." The official added, "Within this month, we will conduct on-site inspections at large meat processing companies to check inventory levels."

Ramen display at a large supermarket in Seoul. Photo by Dongju Yoon

The Ministry of Agriculture, Food and Rural Affairs plans to examine whether there are any unfair practices such as excessive stockpiling among meat processing companies, as well as whether prices have been artificially inflated. In addition, for companies that have been sanctioned by the Fair Trade Commission for price collusion—such as Daeseong Industrial, Daejeon Chungnam Pork Producers Cooperative, Bukyeong Pork Producers Cooperative, CJ Feed & Care, Dodram Food, Bodam, Sunjin, Farmstory, and Haedream LPC—the ministry is reviewing various measures to eradicate unfair practices, including excluding them from policy funding eligibility from this year.

An official from the ministry explained, "The price of pork hind leg supplied to meat processing companies has recently remained high, at about 5,100 to 5,300 won per kilogram. This investigation aims to determine the exact inventory levels and prevent artificial price hikes caused by hoarding in the industry." The ministry is also closely reviewing reports that some egg farms are demanding extra payments from distributors, and plans to establish institutional measures to prevent such unfair transactions.

Additionally, as recent developments in the Middle East and global political instability have increased volatility in international commodity markets, the ministry has been holding a series of non-public meetings with the food industry to encourage price reductions and ease the public's burden. In response, four companies—Nongshim, Samyang Foods, Paldo, and Ottogi—have decided to lower ramen prices by 4.6% to 14.6% starting next month. Furthermore, six companies—CJ CheilJedang, Sajo Daerim, Lotte Wellfood, Daesang, Ottogi, and Dongwon F&B—have agreed to reduce cooking oil prices by approximately 3% to 6%.

The government is now intensively managing 23 specially monitored items, including rice, pork, eggs, flour, imported fruit, petroleum products, telecommunication fees, and school uniforms. In addition, since midnight on the 13th, it has implemented the "maximum price system for petroleum products," which designates a cap on supply prices set by refiners.

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