Ramen prices up by a maximum 13.1% in 14 years

In the past month, ramen prices have soared, marking a steep rise of over 13% in just a year. This dramatic uptick represents the steepest incline witnessed in the past 14 years since the 2009 global financial crisis. Even as the broader inflation rate decelerated to the lower echelons of the 3% range last month, at least one in every four food items, including ramen, persistently registers an elevated surge of over 10%.

Data released by Statistics Korea’s national statics portal (KOSIS) on Monday revealed that the consumer price index for ramen stood at 124.04 last month, marking a sharp 13.1% leap from the previous year's. Tracking back to September last year, when the price of ramen began its steady ascent from a modest 3.5%, the increase has remained in the double-digit range for eight consecutive months since last October.

This surge in ramen cost is largely attributed to a ripple effect from the factory price hike implemented last year. Major ramen producers such as Nongshim and Ottogi enacted collective price rises of approximately 10% between September and November. Statistics Korea attributes the delayed impact of these increases, now taking effect after approximately nine months.

Last month saw 31 out of 112 items, or 27.7% of the sample set from the processed food and dining-out categories, recording inflation rates that exceeded the 10% threshold compared to the previous year. Notably, jam led this pack with a significant price jump of 35.5%.


yesbro@donga.com