[Featured Stock] Nongshim Soars Over 10% on News of Ramen and Snack Price Increases

17 Brands Including Shin Ramyun and Saewookkang

On the 6th, Nongshim's stock price surged following news of price increases for ramen and snacks.

As of 1:18 PM that day, Nongshim was trading at 388,500 KRW, up 10.37% from the previous trading day. The stock opened at 355,500 KRW and steadily gained throughout the morning, reaching as high as 392,250 KRW in the afternoon.

The buying momentum is attributed to Nongshim's announcement that starting from the 17th, it will raise the ex-factory prices of 17 out of 56 ramen and snack brands by an average of 7.2%. This price increase comes after 2 years and 6 months since September 2022.

By product, Shin Ramyun and Saewookkang will increase by 5.3% (50 KRW) and 6.7% (100 KRW) respectively, selling at 1,000 KRW and 1,500 KRW at retail stores. Additionally, Neoguri (4.4%), Ansungtangmyun (5.4%), and Chapagetti (8.3%) will also see price hikes.

A Nongshim representative stated, "We have endured pressure to raise prices by pursuing cost reduction and management efficiency while considering the impact on consumer prices, but due to rising raw material costs and exchange rates, price adjustments have become urgent. We decided to raise prices promptly before business conditions worsen further."