Nongshim announced that from the 15th of next month, after Chuseok, the factory price of ramen and snack products will increase by an average of 11.3% and 5.7%, respectively.
The price increase is for 26 ramen brands and 23 snack brands.
Based on the factory price, the price increase is 10.9% for Shin Ramyun, 9.9% for Raccoon, 6.7% for Shrimp Cracker, and 5.9% for Honey Twist.
Accordingly, the price of Shin Ramyun per bag is expected to rise from 736 won per bag to 820 won on average based on large supermarkets, and Shrimp Crackers from 1,100 won to 1,180 won per bag.
Nongshim's ramen price increase is the first in about a year since August last year, and the snack price increase is the first in six months since March of this year.
Nongshim explained that it has decided to adjust the price since April this year, as raw material prices have soared due to international disputes and inflation, and the cost burden has intensified as the exchange rate has risen.
In particular, he added that the burden of manufacturing costs has increased as the supply prices of raw materials such as wheat flour and starch have been raised to domestic suppliers since the second quarter of this year.
Nongshim announced that its domestic operating profit turned to a loss in the second quarter of this year.
(Photo = Yonhap News)