Paldo to raise ramyeon prices on high costs next week
South Korean food company Paldo Co. said Monday it will raise the prices of its instant noodle and beverage products next week, citing recent hikes in raw material prices.
Paldo plans to raise the retail prices of 31 ramyeon and 11 beverage products by an average of 7.8 percent and 7.6 percent, respectively, starting next Monday, the company said in a press release.
The price of Paldo Bibimmyeon, the most popular among the company's ramyeon products, will rise to 1,150 won ($0.78) from the current 1,100 won, while that of Paldo Wang Ttu Keong is set to rise to 1,500 won from 1,400 won.
"The price hike is inevitable to reflect rising raw materials, logistics and labor costs," the release said.
Paldo last raised its product prices in October 2022.
Dozens of local food and beverage companies have already increased the prices of their mainstay products due to higher costs.
Paldo's bigger rival Nongshim Co. raised the prices of 14 ramyeon products by an average 7.2 percent and three snack products by 7.4 percent on March 17.
Samyang Foods Inc., renowned for its Buldak spicy ramyeon, has said it is not considering price hikes at the moment. (Yonhap)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
8 hours ago
- Korea Herald
Seoul shares spike 1.8% on bargain hunting in defense, energy, IT sectors
South Korean stocks closed sharply higher Monday, driven by bargain hunting and big gains in the defense, energy and IT sectors. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index jumped 52.04 points, or 1.8 percent, to close at 2,946.66. Trade volume was heavy at 718.1 million shares worth 14.3 trillion won ($10.5 billion), with winners outnumbering losers 619 to 278. Retail investors and institutions net purchased 45.4 billion won and 252.9 billion won worth of local shares, respectively, while foreigners unloaded 322.4 billion won. "The Kospi rebounded after only a one-day fall as retail investors moved to purchase shares at bargains," Lee Kyoung-min, an analyst at Daishin Securities, said, noting the tensions in the Middle East will likely have limited impact on the South Korean stock market in the mid-to-long term. On Friday, major US indexes lost ground as Israel's airstrikes on Iranian military and nuclear facilities sapped investors' risk appetite. The Dow Jones Industrial Average lost 1.79 percent, the tech-heavy Nasdaq composite went down 1.3 percent, and the S&P 500 decreased 1.13 percent. In Seoul, major chipmaker SK hynix jumped 5.31 percent to 248,000 won, while its rival Samsung Electronics shed 1.89 percent to 57,200 won. Defense and energy shares were bullish in particular. Hanwha Aerospace gained 2.75 percent to 970,000 won, Hyundai Rotem soared 6.32 percent to 198,600 won, and Hanwha Systems shot up 18.01 percent to 64,200 won. Major nuclear power plant manufacturer Doosan Enerbility surged 9.16 percent to 59,600 won, and HD Hyundai Electric advanced 6.16 percent to 456,500 won. IT shares also gained ground, with top internet portal operator Naver adding 4.49 percent to 209,500 won, and Kakao, the operator of the country's dominant mobile messenger, rising 3.3 percent to 53,200 won. Shipbuilders were also strong, with HD Hyundai Heavy surging 5.03 percent to 449,000 won, and HD Korea Shipbuilding climbing 4.85 percent to 367,500 won. The local currency was quoted at 1,363.8 won against the greenback at 3:30 p.m., up 5.8 won from the previous session. (Yonhap)
Korea Herald
8 hours ago
- Korea Herald
South Koreans likely to receive up to W500,000 in cash relief
The government is considering including a cash relief program in the second extra budget bill that would give every South Korean citizen a handout of 150,000 to 500,000 won ($110 to $367), sources said Monday. The amount of money received per person would be determined based on household income, calculated on the basis of national health insurance premiums. All South Koreans would receive 150,000 won regardless of their income bracket. Those in the bottom 90 percent of the income bracket would then receive additional funds that could add up to 500,000 won, depending on their bracket. Recipients in lower brackets would receive a larger amount of cash support. Discussion of the cash relief program came as several reports say that the government is gearing up to announce an additional supplementary budget bill worth at least 20 trillion won to buoy the economy. The Ministry of Economy and Finance has entered the final stages of drafting the budget plan, which would likely include a cash handout program to spur domestic consumption and support the livelihoods of the people. Regarding the possible cash handout plan, an official at the Finance Ministry said that 'the specific details of the supplementary budget bill has yet to be determined.' Last month, the National Assembly passed a 13.8 trillion won extra budget proposal. The plan included vouchers for small businesses and export-reliant firms hit by the Donald Trump administration's tariff scheme.
Korea Herald
8 hours ago
- Korea Herald
Coupang launches one-week summer Black Friday sale
South Korean e-commerce giant Coupang said on Monday it will hold a 'Rocket Jikgu Summer Black Friday' event, offering discounts of up to 70 percent on more than 20,000 products from over 800 global brands. The promotion runs throughout this week. Users can find major deals on popular items from Nike, Adidas, Skechers, Lenovo, Logitech and Xiaomi. Summer essentials like smart dehumidifiers, fans and travel goods are also featured. A 'Daily Special Deal' section highlights limited-quantity bestsellers each day, including multivitamins, tablets and sneakers. Daily necessities from brands like Tiger Pavilion, SanDisk and Logitech are available for as low as 990 to 4,990 won. Summer staples like mosquito repellents, deodorants and storage containers are also on offer at affordable prices. Users can receive discount coupons of up to 30 percent once per day during the event. Those purchasing two or more eligible items are guaranteed additional savings, with coupons refreshed daily. 'This is our biggest discount event of the first half of the year,' a Coupang representative said. 'We hope it helps ease the burden on our customers amid rising living costs.' On Coupang's app, Rocket Jikgu items can be identified by the purple rocket icon.
