On the 9th, President Lee Jae-myung emphasized measures to stabilize prices during a meeting of the Emergency Economic Inspection Task Force (TF), directly mentioning the prices of processed foods such as ramen, prompting the food and distribution industries to pay close attention.
The food and distribution industries had previously taken advantage of the vacuum in national governance following former President Yoon's declaration of martial law in December of last year to consecutively raise prices. At that time, the food and distribution industries cited the drastic rise in exchange rates and increases in raw material prices as reasons for the price hikes. However, the recent exchange rate has fallen to the 1350 won level.
According to related industries, they are deeply analyzing President Lee's statement during the Emergency Economic Inspection TF meeting when he said, "A bag of ramen costs 2000 won, really?" There is a prevailing atmosphere interpreting this as pressure for price reduction to stabilize prices.
According to the supermarket and convenience store industries, the prices of major bagged ramens, such as Nongshim Shin Ramyeon (1 bag for 1000 won), remain in the 1000 won range, allowing for purchase under 2000 won. However, some premium products are priced over 2000 won.
Cup ramen often exceeds 2000 won. Some cup ramen products sold at major convenience stores reach up to 4980 won for consumers. The "Harim Artisan Ramen Spicy" sold at GS25 is 5800 won. This is based on the price for 2 bags, which translates to about 2900 won for a single bag. Other high-priced products include "Haidi Lao Spicy Noodle Cup" (3200 won) and "Nongshim Saeng Saeng Udon" (2600 won).
Among bagged ramens, products priced over 2000 won include Harim "The Misik Squid Ramen" (2200 won) and Food Buddy "White Ramen" (2000 won). Nongshim's premium ramen, Shin Ramyeon Black, costs about 1900 won per bag.
The bagged ramen "Harim Artisan Ramen Mild Spicy (4 Pack)" sold at the convenience store CU is priced at 2200 won per bag. The most expensive cup ramen is Woongjin Foods' "Manhan Maru Udon," which costs 4800 won.
Once President Lee made his remarks, the industry began to ponder whether they should join in stabilizing prices. Processed food companies had previously raised consumer prices in succession after the martial law declaration in December last year. A total of 60 companies increased product prices over the six months from December of last year to last month.
A source in the food industry noted, "Due to climate crises and the rising costs of various raw and subsidiary materials, along with the ongoing anxiety that the dollar-to-won exchange rate would rise over 1400 won and continue to 1500 won, we couldn't avoid raising product prices." However, consumer groups point out that it is not easy to find instances of product price reductions in line with the trend of decreasing exchange rates.
Nongshim raised the wholesale prices of 17 types of ramen and snacks by an average of 7.2% last March. OTOKI increased the wholesale prices of 16 types of ramen by an average of 7.5%, while Paldo raised the prices of Bibimmyeon and others by 4% to 7%. Samyang Foods did not participate in the price hike.