South Korea's Leading Ramen Company Decides to Raise Prices

South Korea's Leading Ramen Company Decides to Raise Prices.

Ottogi has decided to raise the prices of its ramen because both the exchange rate and raw material costs have increased a lot. This move comes after Nongshim, another big ramen company, raised its prices. As a result, consumers will have to pay more for their favorite noodles.

Starting on April 1, Ottogi will increase the price of most of its ramen products by an average of 7.5%. Out of 27 different types of ramen, 16 products will see a price rise.  

For example:
  - Jin Ramen: The price in large supermarkets will go from 716 won to 790 won.

- O-dong Tong Myeon: The price will rise from 800 won to 836 won.

- Jja-sulraeng: The price will go from 976 won to 1056 won.
- Jin Ramen (container version): The price will increase from 1100 won to 1200 won.

  

The price jump is about 10.3% for Jin Ramen and 9.1% for its container version, while O-dong Tong Myeon and Jja-sulraeng will increase by 4.5% and 8.2% respectively.

An Ottogi representative explained that the rising cost of imported raw materials due to the increase in the exchange rate and the continuous rise in farm product prices, along with higher shipping and labor costs, have all added up. This made a price increase unavoidable.

Earlier, Nongshim, which is the number one ramen company in Korea, raised the price of Shin Ramen to 1000 won. They also increased the prices for 17 other brands of ramen and snacks.