Asia Minute: Ramen prices are rising across the Asia-Pacific
Food inflation is hitting the prices of everything from fresh fruits and vegetables to meat. It’s also affecting the price of instant noodles — especially in the Asia Pacific.
The price of ramen is making headlines this month from South Korea to Thailand.
Last week, a leading Korean noodle maker announced it was raising its prices on instant noodles by more than 11%.
Nongshim blames rising wheat prices — sparked by Russia’s invasion of Ukraine.
This is a big story in South Korea — which until recently held the number one spot in the world in per capita consumption of instant noodles.
Just last month, Vietnam took over the top ranking — based on sales figures for 2021 — as reported by the World Instant Noodles Association.
That’s in part because of the efforts of South Korea’s top four noodle makers — who have made Vietnam a priority export market — complete with local factories.
Elsewhere in the corporate world of ramen, Thailand’s Commerce Ministry has allowed three domestic companies to raise their prices — by about 16% — or one baht.
The companies had asked the government for permission to raise prices by twice that amount, but the government said that would unfairly hit low-income earners.
As for those figures on per capita ramen consumption, in Vietnam, it adds up to 87 servings of instant noodles a year — compared to 73 annual servings in South Korea.