Instant noodles down 40–100 won, cooking oil down 300–1,250 won... Processed food prices to fall from April [US–Iran conflict]

Despite growing volatility in global commodity markets due to the situation in the Middle East, prices of major processed foods such as instant noodles and cooking oil are set to fall from April. Prices for around 40 instant noodle products will be cut by about 40 to 100 won, and five types of cooking oil will be reduced by roughly 300 to 1,250 won.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced on the 12th that, as a result of cooperation with the food industry to ease the public’s cost-of-living burden, prices of key processed foods including instant noodles and cooking oil are being reduced.
The latest price cuts for instant noodles and cooking oil, which are staple items with a high share in household consumption, come after food companies voluntarily decided to lower prices on some products. The move is aimed at easing the burden on consumers and stabilizing perceived inflation. Specifically, six cooking oil companies plan to cut prices by an average of 3 to 6 percent, while four instant noodle makers intend to reduce prices by an average of 4.6 to 14.6 percent.
With the recent situation in the Middle East raising the prospect of greater volatility in global commodity markets, concerns are mounting over rising grocery prices for households. In response, MAFRA has been closely monitoring international market conditions while maintaining continuous communication with the food industry.
In particular, through meetings with major food companies and by gathering feedback in the field, the ministry has worked closely with businesses to ensure that lower raw material costs are reflected in consumer prices, focusing on items where input prices have declined.
Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, stated, "It is highly meaningful that the food industry has agreed to join in lowering prices to ease the burden on consumers, despite difficult business conditions, at a time when uncertainty in the global situation could heighten public concerns about inflation." She emphasized, "The government will also continue working to stabilize processed food prices by managing the supply and demand of food raw materials, providing support such as tariff quotas, and addressing industry difficulties."
On the same day, the government selected 23 special management items as a priority in order to establish fair market order and stabilize prices as felt by the public.
The 13 core everyday food items are pork, frozen meat, eggs, mackerel, rice, beans, garlic, imported fruit, dried seaweed (gim), flour, starch sugar, cooking oil and processed foods. The five core everyday services are petroleum products, apartment maintenance fees, maintenance fees for commercial units in mixed-use buildings, telecommunications charges and ticket scalping. The five core everyday manufactured goods are printing paper, school uniforms, sanitary products, essential daily necessities and medicines.
The government plans to have the ministries responsible for each special management item carry out thorough inspections and implement concrete improvement measures. In particular, it aims to produce tangible results through intensive inspections in the first half of the year, and then continue efforts to stabilize perceived inflation through the Ministerial Meeting on People's Livelihood and Economic Affairs. Above all, the authorities intend to ensure that the outcomes of inspections and enforcement do not remain one-off measures, but instead function as fundamental mechanisms for price stability through institutional reforms and structural improvements.
Kang Giryong, Deputy Minister at the Ministry of Finance and Economy, explained, "For the special management items, each responsible ministry will swiftly push ahead in the first half of the year with thorough inspections, concrete improvement measures, and even structural institutional reforms."
syj@fnnews.com Seo Young-jun Reporter