A surge in ramen prices, now exceeding 1,000 won, coupled with a three-month consecutive rise in Gangwon Province's consumer prices above 2%, has triggered serious concerns over the escalating cost of living.
Despite government pressures in 2023 to lower prices, leading companies like Nongshim are set to increase prices to June 2023 levels starting March 17. The price of Shin Ramyun will rise from 950 won to 1,000 won, and Saewookkang from 1,400 won to 1,500 won at retail stores.
Nongshim plans to raise the ex-factory prices of 17 out of 56 ramen and snack brands, including Jjapaghetti and Ansungtangmyun, by an average of 7.2% from March 17. This marks the first price hike in two and a half years since September 2022.
The cost of living in the province continues its upward trajectory. According to the "Gangwon Consumer Price Trends for February 2025" released by the Gangwon Regional Statistics Office, the province's consumer price index rose by 2.2% year-on-year to 117.74 last month. After falling below 1% in September of the previous year, the consumer price increase has once again risen above 2% after three months.
The living expenses index, which reflects the perceived cost of living, also saw a significant increase of 3.1%, surpassing the national average of 2.6%.
Prices have surged not only for vegetables like radish (121.3%) and cabbage (62.9%) but also for livestock products such as pork (10.8%) and domestic beef (8.9%). Additionally, concerns over 'fish-flation' (fishery products + inflation) due to rising water temperatures have led to consecutive price increases for seafood like seaweed (30.7%) and oysters (19.2%).
A representative from the Ministry of Economy and Finance stated, "We plan to continue efforts to stabilize food prices by implementing tariff reductions on major food and feed ingredients (31 types), releasing and discounting agricultural and fishery product reserves."
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