Ottogi to Cut Prices of Ramen and Cooking Oil by an Average of 6%

Ottogi will lower the shipment prices of certain ramen and cooking oil products by an average of 6%. As the government continues to pressure for price stability in processed foods, there is a growing trend of price reductions throughout the food industry.

On March 12, Ottogi announced that it would lower the shipment prices of its ramen products-including Jin Jjambbong, Oyster Jin Jjambbong, Cream Jin Jjambbong, The Hot Yeol Ramen, Ma Yeol Ramen, Jjashullang, Jinjjajang, and Jin Jjolmyeon-by an average of 6.3%.

Provided by Ottogi

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The company will also reduce prices for cooking oil. The shipment prices for four items, including extra virgin olive oil (0.5L, 0.9L) and sunflower oil (0.5L, 0.9L), will be lowered by an average of 6%.

Recently, as flour and sugar companies have reduced the prices of raw materials, the pressure for price adjustments in the food industry has increased. The government has also emphasized the need to stabilize processed food prices and has been urging food companies to lower their prices.

There is a continued trend of price reductions throughout the food industry. Haitai Confectionery & Foods has decided to lower the prices of some of its snack products. The price of “Egg Snack Bebepin” will be reduced by 5.3%, from 1,900 won to 1,800 won. “Lollipolly” will be reduced by 5.6%, from 1,800 won to 1,700 won. The large-size “Lollipolly” will also be lowered by 4.0%, from 5,000 won to 4,800 won.

A representative from Haitai Confectionery & Foods stated, “Although the company continues to face a challenging business environment due to cost burdens such as rising oil prices resulting from the Iran crisis, we decided to reduce prices to ease the burden on customers and participate in price stabilization.”

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