SEOUL, Nov. 7 (Korea Bizwire) — The prices of instant noodles in South Korea grew at the fastest pace in about 13 years last month, data showed Sunday, raising worries that such steep price hikes could increase inflationary pressures.
According to the data by Statistics Korea, the price of instant noodles, or “ramyeon” in Korean, surged 11 percent in October from a year earlier. The price hike was the largest since February 2009, when the price grew 14.3 percent on-year.
The steep increase came after South Korea’s major noodles makers, including Nongshim and Samyang Foods, began raising their product prices in August due to increased costs to buy flour and other key materials.
Instant noodles are one of the most frequently eaten foods in South Korea since they are cheap and easy to cook. The government closely monitors their price movements since a hike could apply upward pressure on inflation.
In October, the country’s consumer prices jumped 3.2 percent from a year earlier, the fastest clip in almost a decade. It is much higher than the central bank’s target inflation rate of 2 percent for this year.