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2 clusters · 4 sources · 9 days · First seen · Last updated

South Korean food manufacturers price increases

Overview

South Korean food manufacturers Ottogi and Paldo have announced price increases for specific product lines due to rising costs.

Ottogi announced that starting on the 7th of next month, factory prices for 29 cup noodle items and 16 dumpling items will rise by an average of 6.7% and 7.7%, respectively. The company cited high foreign exchange rates and the increasing costs of packaging and raw materials as the primary drivers. To reduce consumer impact, Ottogi will maintain current prices for bagged instant noodles.

Following similar trends, Paldo announced that starting on the 1st of next month, factory prices for 12 types of cup noodles and 9 types of beverages will increase. Cup noodle prices will rise by an average of 5.5%, while beverages will see an average increase of 5.8%. Paldo also stated it would maintain prices for all bagged noodle products to minimize the burden on consumers, noting that price adjustments became unavoidable despite efforts to improve productivity and management efficiency.

Entities

Paldo

Timeline

  1. 22 days ago

    [BUSINESS] 2 sources
    Paldo to raise prices on select cup noodles and beverages

    Paldo will raise prices on 12 types of cup noodles and 9 beverage products starting next month, with average increases of 5.5% for noodles and 5.8% for drinks.

  2. about 1 month ago

    [BUSINESS] 3 sources
    Ottogi to raise prices on select cup noodles and dumplings

    Ottogi is raising prices on select cup noodles and dumplings by up to 7.7% starting next month due to rising raw material and packaging costs, while keeping bagged ramen prices stable.

Sources

news.heraldcorp.com · sateconomy.co.kr · seoul.co.kr · zdnet.co.kr