Ansungtangmyun, Jin Jjambbong, Samyang Ramen prices all going down...Ramyeon and cooking oil makers announce cuts

[The Financial News] Major domestic ramyeon and cooking oil companies will lower prices on some products starting next month. The move reflects falling costs for raw materials such as flour and is intended to support the government’s policy of stabilizing prices and easing the cost of living.
President Lee Jae-myung of South Korea said at Cheong Wa Dae, also known as the Blue House, on the 12th, "I have been briefed that cooking oil and ramyeon manufacturers will cut prices on some products by up to double-digit percentages for shipments starting next month." In line with this, food companies are beginning a full-fledged push to reduce prices of processed foods.
Nongshim plans to cut the factory prices of 16 products, including Ansungtangmyun, by an average of 7.0%. The items include three Ansungtangmyun products, Yukgaejang Ramen, Nongshim Sarigomtangmyeon, Hooroorook Noodles, Hururuk Chicken Kalguksu, Mupama Tangmyun, Gamja-myeon, Zha Wang, Bogeul Bogeul Budae Jjigae Myeon, Nongshim Shrimp Soup Ramen, and four Jjolbyeong Snack products. By item, Ansungtangmyun will be reduced by 5.3%, while Mupama Tangmyun will see a 7.2% cut. A Nongshim representative stated, "We decided to lower prices as part of our effort to support the government’s drive to stabilize prices."
Ottogi will also reduce prices for eight ramyeon products and several cooking oil items. The factory prices of ramyeon products such as Jin Jjambbong, Jin Jjambbong Ramen with Oysters, Cream Jin Jjambbong, The Hot Yeol Ramen, Ottogi Mayeol Ramen, Jjaschulang, Jin Jjajang Ramen, and Jinjja Jjolmyeon will be lowered by an average of 6.3%. The factory prices of Ottogi Extra Virgin Olive Oil and sunflower oil will also be cut by an average of 6%.
Samyang Foods will reduce the factory prices of two Samyang Ramen Original products (bag and cup) by an average of 14.6% starting on the 1st of next month. A Samyang Foods official explained, "Because ramyeon is a staple of everyday meals, the aim is to ease consumers’ grocery burdens, even if only a little."
Daesang is also joining the price-stabilization effort by cutting prices on its Olive oil, canola oil, and sunflower oil products by up to 5.2%.
Haitai Confectionery & Foods will lower prices on two biscuit products, Bebepin Egg Biscuits and Roly Poly, in line with reductions in raw material costs for flour and sugar. This is the first time a confectionery company has cut product prices since flour and sugar suppliers reduced their prices.
The products subject to price cuts are those with a high proportion of flour in their ingredients. The price of "Bebepin Egg Biscuits" will fall from 1,900 won to 1,800 won, a 5.3% reduction. "Roly Poly" will go from 1,800 won to 1,700 won and from 5,000 won to 4,800 won, representing cuts of 5.6% and 4.0%, respectively.
In addition, CJ CheilJedang, Sajo Daerim, Lotte Wellfood, and Dongwon F&B are also expected to join the wave of price cuts for cooking oils such as sunflower oil, grape seed oil, and canola oil.
security@fnnews.com Park Kyung-ho Reporter