South Korean food manufacturers Nongshim and CJ CheilJedang will increase prices for dozens of processed food items starting Aug. 1 [1].
These price adjustments reflect the growing pressure on the domestic food industry as companies struggle to absorb rising production costs. Because these companies hold significant market share in staples like ramen and instant rice, the move is expected to impact a wide range of consumers across the country.
Nongshim plans to raise the average price of 43 items [1]. These products include cup-ramen, snacks, and beverages, which will see an average price increase of 5.8% [1]. For example, the price of Yukgaejang Sabalmyun will increase by 100 won, rising from 1,100 won to 1,200 won [1].
To mitigate the burden on consumers, the company is excluding bag-type noodles from the price hikes [1]. A YTN anchor said that items such as Shin Ramyun were omitted to consider the impact on the public [1].
CJ CheilJedang is implementing similar measures for 27 of its product lines [1]. The company will raise the average price of these items by 8% [1]. The affected products include instant rice, dumplings, and grilled fish [1].
Company officials said the decision was due to rising raw-material costs and exchange-rate pressures [1]. These economic factors have increased the cost of importing essential ingredients, forcing manufacturers to adjust retail prices to maintain margins [1].
The new pricing will take effect at retail outlets and supermarkets nationwide on the first day of next month [1].
“Nongshim will raise the average price of 43 items by 5.8%”
This coordinated price hike signals a continuing trend of cost-push inflation in South Korea's food sector. By exempting high-visibility staples like bag-type ramen, companies are attempting to balance financial necessity with the risk of public backlash, though the increase in convenience-focused products like cup-ramen and instant rice will likely raise the overall cost of living for urban workers and students.
