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Nongshim, one of the most popular instant noodle brands in South Korea, just announced this week that it will be raising the prices of its products. The food and beverage company said on Thursday, July 19, that it is planning a price hike for its flagship instant noodles that include the most well-known item, the Shin Ramyun.
According to The Korea Herald, Nongshim will be increasing the rate by an average of 6.8 percent, and this will be in effect starting mid-August. It was added that the last time the noodle maker raised its prices was in 2016.
The Korean food and beverage company headquartered in Seoul made the move after Ottogi Co. Ltd., its rival ramen manufacturer, announced in early July that it will be implementing a price hike. The increase was the first time in over 11 years for Ottogi.
Based on the computations, Nongshim’s Shin Ramyun’s price may go up by 7.6 percent while the other noodle products - Yukgaejang and Ansungtangmyun will increase by 4.4 and 6.1 percent, respectively.
Currently, Nongshim’s Shin Ramyun is being sold in Korean groceries and supermarkets for about ₩676 won per pack. On Aug. 16, this price will be adjusted to ₩736 per pack. Still, it was said that price increases may vary depending on the retailer.
“With ramen being an integral part of the Korean diet, we adjusted the price as little as possible,” an official of Nongshim company said. “We hope to return the support from consumers with products with better taste and quality.”
At any rate, the price hike is inevitable due to the rising cost of ingredients. It was said that the prices of flour and palm oil have gone up. Other things that caused the hike to include higher labor costs, management, and distribution costs.
Meanwhile, HypeBeast recently reported that Nongshim just launched a new item, and it's called the Shin Ramyun Fried Noodles. It was said to have been created to celebrate the company’s 35th anniversary. Shin Ramyun was first introduced in 1986, and it quickly became S. Korea’s favorite instant noodle.
