Price Increase on Popular Korean Snacks and Instant Noodles
Creatrip Team
2 years ago
Nongshim, a leading South Korean food company, announced it will increase the prices of Shin Ramyun (a popular spicy instant noodle) and Shrimp Flavored Crackers (a beloved snack) after two and a half years. The price for Shin Ramyun will rise from 950 KRW to 1,000 KRW, and Shrimp Crackers will go from 1,400 KRW to 1,500 KRW. Other products like Neoguri, Anseongtangmyun, and Jjapaghetti will also see price hikes. This decision follows a previous price cut in 2023 enforced by government pressure due to falling international grain prices. Nongshim cites increased costs of palm oil, starch, spices, exchange rates, and labor as reasons for the price increase. The company plans promotions to alleviate consumer burden, as other food companies, like Lotte and SPC Paris Baguette, have also raised prices.
