The instant-noodle giant said it decided to raise factory prices for 43 brands by an average of 5.8 percent starting Aug. 1, citing soaring costs for raw materials and other ingredients driven by higher oil prices amid the prolonged conflict in the Middle East.
Factory prices for cup noodles, snacks and beverages will rise by an average of 6 percent, 5.5 percent and 7.7 percent, respectively.
Nongshim's popular Yukgaejang Sabalmyeon cup noodles are expected to see their retail price rise to 1,200 South Korean won (about US$0.80) from 1,100 won, while a 90-gram pack of shrimp-flavored Saeukkang will increase to 1,600 won from 1,500 won. But retail prices may vary across stores and distribution channels.
The adjustment marks the company's first price hike for noodle products since March 2025, about one year and five months ago.
But Nongshim said those sold in packets, which account for about 63 percent of its instant noodle sales, will be excluded from the price hike in an effort to help stabilize consumer prices and ease the burden on households.
The company attributed the price hike to rising costs as soaring oil prices have pushed up the cost of packaging materials and other expenses.
"We tried to cover higher costs by cutting expenses and improving internal efficiency, but weaker profits at home and rising supplier prices left us with no choice but to adjust product prices," it said.
Copyright ⓒ Aju Press All rights reserved.
