May Ramen Price Inflation Rate Hits Highest Since Global Financial Crisis

Up 13.1% YoY Last Month... Highest in 14 Years
1 in 4 Food Items Exceeds 10% Threshold

The price increase rate of ramen, considered a barometer of affordable food, last month recorded the highest level since the global financial crisis. Despite the overall slowdown in inflation, more than one out of four food items, including ramen, still have price increase rates exceeding 10%.

A citizen is shopping at a large supermarket in downtown Seoul. Photo by Mun Ho-nam munonam@

According to the National Statistical Portal of Statistics Korea on the 5th, the consumer price index for ramen last month was 124.04, up 13.1% compared to the same month last year. This is the highest in 14 years and 3 months since February 2009 (14.3%) during the global financial crisis. The price increase rate of ramen jumped from 3.5% in September last year to 11.7% in October, and has remained above 10% for eight consecutive months until last month.

The soaring ramen prices are due to consecutive product price hikes. Nongshim raised the wholesale price of ramen by an average of 11.3% in September last year, followed by Paldo and Ottogi increasing their product prices by 9.8% and 11.0% respectively the next month, and Samyang Foods lastly raised ramen prices by an average of 9.7% in November.

Ramen is not the only food item experiencing soaring prices. Among 112 detailed items in the processed food and dining-out sectors, which are indicators of food prices in last month’s consumer price index, 31 items (27.7%) had price increase rates exceeding 10%. Jam was the highest at 35.5%, followed by cheese (21.9%), fish cake (19.7%), pizza (12.2%), soy milk (12.0%), coffee (12.0%), bread (11.5%), hamburgers (10.3%), gimbap (10.1%), and kimchi (10.1%), all showing high increases.