Insant noodles are being sold at a supermarket. (Yonhap)
South Korean food and beverage company Nongshim announced Thursday plans to increase the price of its flagship instant noodles including Shin Ramyun by an average of 6.8 percent starting mid next month.
Nongshim last hiked ramen prices in 2016. The latest move comes after rival ramen maker Ottogi announced earlier this month its first price hike in more than 11 years.
When broken down by brand, Nongshim’s flagship Shin Ramyun will see a 7.6 percent increase in price while the prices of Ansungtangmyun and Yukgaejang will rise by 6.1 percent and 4.4 percent, respectively.
Shin Ramyun is currently sold at supermarkets at an average price of 676 won per package, which will be adjusted to 736 won on Aug. 16, though prices vary by retailer.
The decision to hike instant noodle prices was unavoidable in the wake of a recent rise in the cost of ingredients, including palm oil and flour, as well as labor costs, distribution costs and sales and management costs, the company explained.
“With ramen being an integral part of the Korean diet, we adjusted the price as little as possible,” one Nongshim official said.
“We hope to return the support from consumers with products with better taste and quality,” the official said.
By Yim Hyun-su (email@example.com