President Lee Highlights "2,000-Won Ramen"... Some Products Near 3,000 Won

The Price of Processed Foods Has Risen 10-22% in Four Years
The Most Expensive Ramen: Harim The Misik "Maeumjuui Jangin Ramen"

"Is it true that a single pack of ramen now costs 2,000 won?"

As President Lee Jaemyung pointed to the price of ramen as a key driver of high inflation, the food industry is on high alert. The President's direct mention of ramen, a staple food for ordinary citizens, is seen as a warning message about rising prices, and strong anti-inflation measures are expected to follow.

According to the food industry on June 13, Prime Minister nominee Kim Minseok held a closed-door meeting that morning with food-related associations such as the Korea Food Industry Association and the Korea Foodservice Industry Association, as well as consumer groups. At the event, titled "Listening Session for Stabilizing Food Prices," Prime Minister nominee Kim reviewed the prices of processed foods and listened to the industry's perspectives on the necessity of recent price hikes.

Domestic food companies have raised product prices repeatedly over the past few years as raw material costs surged due to supply disruptions during the COVID-19 pandemic. Ramen, specifically mentioned by President Lee, has also seen price hikes. According to this paper's investigation, most ramen products are priced in the 1,000 won range. However, newly launched ramen and convenience store cup ramen products recently exceeded 2,000 won per unit.

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The Most Expensive Ramen: Harim's "Maeumjuui Jangin Ramen"

At large supermarkets, the most expensive ramen is Harim Industries' The Misik "Maeumjuui Jangin Ramen," priced at 5,800 won for a pack of two, or about 2,900 won each. Samyang Foods' new "Taenggeul" ramen follows, at 8,800 won for a pack of four (2,200 won each).

At convenience stores, the highest-priced items are Harim Foods' The Misik "Ojingeo Ramen Cup" (2,800 won) and "Jangin Ramen" (2,800 won). Samyang Ramen's Taenggeul series and "Phu Phat Phong Curry Buldak Cup" and "Godokhan Misik Hwangtae Ramen" are priced at 2,500 won and 2,200 won, respectively.

Ottogi's "Yeol Cheese Ramen" and "Bunsikjip Ramen Series" are each 2,000 won. In reality, products priced over 2,000 won account for less than 10% of all ramen. Most ramen, including Nongshim's Shin Ramyun, are priced between 1,000 and 2,000 won. Harim Industries is currently selling ramen at a 30-35% discount on The Misik's online mall, with prices ranging from 1,200 to 1,960 won.

However, ramen prices have risen sharply in recent years. According to this paper's analysis of major product price trends, ramen prices have increased by 10-22% over the past four years.

Nongshim's "Shin Ramyun" (per unit, convenience store price) rose from 900 won in 2022 to 1,000 won this year, an 11% increase over four years. Nongshim raised the price to 1,000 won in September 2022, temporarily lowered it to 950 won in July 2023 following a government recommendation, but returned to the original price in March this year.

Ottogi's "Jin Ramen" increased by 22%, from 820 won to 1,000 won over the same period. Paldo's "Bibim Men" rose by 15%, from 1,000 won to 1,150 won. Samyang Foods' "Samyang Ramen" went up by 11%, from 860 won to 910 won, and "Buldak Bokkeum Myeon" increased by 8.6%, from 1,150 won to 1,250 won.

Choco Pie and Saewookkang: Processed Foods Also See Price Hikes

Not only ramen but other major processed foods are also experiencing price increases. Orion's "Choco Pie" rose from 400 won in 2022 to 450 won, and "Pocachip" increased from 1,500 won to 1,700 won, with prices now frozen at that level. Nongshim's "Saewookkang" increased from 1,300 won in 2021 to 1,500 won in March this year.

Dongwon F&B's "Salkogi Tuna Can" (150g) rose from 4,000 won in 2022 to 4,400 won, while CJ CheilJedang's "Spam" increased from 5,800 won (2021) to 6,900 won. A food company representative explained, "These were unavoidable measures due to accumulated cost pressures and rising international raw material prices."

As price hikes continue, consumers are flocking to discount events. At Costco, the American warehouse-style discount store, Ottogi's "O Ramen" (32-pack) was recently sold at 9,900 won (about 300 won per unit), causing a rush of customers at opening time.

According to Ottogi, "O Ramen," which has been sold as a Costco-exclusive product since November 2023, is currently generating average monthly sales of over 150 million won. This is a 50% increase compared to last year. An Ottogi representative said, "The product's popularity comes from its rich broth made from beef brisket and shank, and its potato starch noodles," adding, "It offers great value for money, making it suitable for an era of high inflation."

Sales at warehouse-style discount stores are also growing. At Emart's warehouse discount store Traders, sales of most items during the Memorial Day holiday period (June 6-9) increased by double digits compared to the same period last year. Ramen sales rose by 15% year-on-year. Deli and seafood sales grew by 31% and 20%, respectively. Meat (21%), vegetables (19%), and alcoholic beverages (10%) also saw increased sales. Last month's sales reached 317.2 billion won, up 10.2% from the same period last year.