Seoul: South Korean food company Paldo Co. announced plans to increase the prices of its instant noodle and beverage products starting next week, attributing the decision to the recent rise in raw material costs.
According to Yonhap News Agency, Paldo will implement an average price hike of 7.8 percent on 31 ramyeon products and 7.6 percent on 11 beverage products. Notably, the price of Paldo Bibimmyeon, the company's most popular ramyeon, will increase from 1,100 won to 1,150 won, while Paldo Wang Ttu Keong will rise from 1,400 won to 1,500 won.
Paldo explained that the price increase is necessary to accommodate escalating costs related to raw materials, logistics, and labor. The last price adjustment was in October 2022, highlighting the ongoing pressure on the industry.
The company's move follows similar actions by other local food and beverage firms. Notably, Nongshim Co., a larger competitor, raised prices of 14 ramyeon products by an average of 7.2 percent and three snack products by 7.4 percent in March. Meanwhile, Samyang Foods Inc., famous for its Buldak spicy ramyeon, has not announced any plans for price increases.