Representative Affordable Food Prices Rise... Ottogi Raises Ramen Prices by an Average of 7.5%

First Price Increase in 2 Years and 5 Months Since October 2022

Ottogi announced on the 20th that it will raise the prices of its ramen products starting from the 1st of next month. This is the first price increase in 2 years and 5 months since October 2022.

Ottogi will increase the ex-factory prices of 16 out of a total of 27 ramen types by an average of 7.5%.

Based on large supermarket retail prices, the main product prices will rise as follows: Jin Ramen from 716 won to 790 won, Odongtongmyeon from 800 won to 836 won, Jjashulling from 976 won to 1056 won, and Jin Ramen cups from 1100 won to 1200 won. This corresponds to increases of 10.3% for Jin Ramen, 4.5% for Odongtongmyeon, 8.2% for Jjashulling, and 9.1% for Jin Ramen cups.

To minimize the burden on consumers due to this price increase, Ottogi plans to continue discount events for major ramen products at large supermarkets, convenience stores, and online.

An Ottogi representative stated, "Due to the recent surge in prices of imported raw materials such as palm oil caused by the rising exchange rate, as well as continuous increases in agricultural product prices, utility costs, and labor costs, the cost burden has accumulated, making it unavoidable to decide on a price increase."