[News Today] RAMYEON PRICES HIT 1,000 WON

[LEAD]
Instant ramyeon, a common food for the people, have reached the 1,000 won mark per packet. Nongshim's Shin Ramyeon has already increased to this price, and next month, Otoki will also raise its prices.

[REPORT]
The ramyeon instant noodles have remained an essential grocery item for its practicality.

But consumers these days are hesitant about its purchase.

Park Kyung-ok / Seoul resident
It's too expensive. I'm hesitant to buy them. I think twice before buying something.

Otoki has decided to raise prices of its ramyeon products next month.

The company will raise the price of its signature product, the Jin Ramen, by about 10% to 790 won (about 50 cents).

Prices of 16 different products will be increased by 7.5% on average.

Kang Du-wi / Otoki
It was inevitable due to soaring prices of imported ingredients, farm produce.

Otoki is the second to raise the prices of ramyeon after Nongshim, which began
implementing higher prices on March 17.

Nongshim has raised the price of the Shin Ramyeon from 950 won (65 cents) to 1,000 won (68 cents). In all, the company has increased the prices of 17 items by 7.2% on average.

Due to pressure coming from the government, with the deputy prime minister personally stepping in, prices were cut two years ago. Now, they've reverted to it's previous price point.

Lim Jong-ik / Nongshim
We've endured pressure to raise prices by cutting costs and enhancing efficiency.
But before business conditions deteriorate further, we have to raise prices.

Although prices of ramyeon have little impact on perceived prices compared to bread, snacks, or coffee, they are monitored by the government because of their symbolic meaning, seen as the food of the people.