Following the government's push to stabilize prices, food companies are cutting prices one after another for ramen, cooking oil, and confectionery.
According to the food industry on the 12th, the four major ramen makers and six cooking oil companies will cut prices starting on the 1st of next month. The Ministry of Agriculture, Food and Rural Affairs said that day, "Four ramen companies will lower prices of some products by an average of 4.6–14.6%, and six cooking oil companies also decided to cut prices of some products by an average of 3–6%." Nongshim will reduce factory prices of some ramen and snack products by an average of 7%, including Ansungtangmyun (5.3%). The price cuts cover 12 ramen items and four snack items. OTOKI will also lower factory prices of major ramen and cooking oil products by an average of 6%. Ramen products will be cut by an average of 6.3%. Cooking oils such as olive oil will be lowered by an average of 6–6.3%. Samyang Foods will cut the factory prices of two Samyang Ramen Original products (pack and cup) by an average of 14.6%. Paldo Co. will reduce the factory prices of 19 ramen items by an average of 4.8%, including Paldo Bibimmen by 3.9%.
Daesang will cut prices by 3–5.2% for three types of cooking oil, including olive oil, canola oil, and sunflower oil. CJ CheilJedang will lower prices by up to 6% for four products, including canola oil and grapeseed oil. Sajo Daerim will cut prices by an average of 3% for six types of fats and oils, including canola oil and grapeseed oil. Lotte Wellfood and Dongwon F&B will also reduce soybean oil prices by an average of 3% and an average of 5%, respectively.
Haitai Confectionery & Foods was the first among confectionery companies to lower prices. The egg cookie Bebepin (5.3%) and Lollipolly (5.6%) are among the items subject to cuts.
Recently, as sugar and flour companies lowered flour and sugar prices and the government launched a task force (TF) of related ministers for special management of essential consumer prices, emphasizing a price-stabilization stance, price-cut moves are spreading across the food industry. Previously, Tous les Jours of CJ Foodville, which released a price cut last month, lowered supply prices by an average of 8.2% for 17 major products, including bread and cakes, starting that day.
Paris Baguette will lower prices by 100–1,000 won for 11 major products starting on the 13th. For five popular character cakes, prices will be cut by up to 10,000 won, and within this month it will launch a value-for-money croissant priced at 1,000 won per piece.
A food industry official said, "We decided to cut prices to join the government's price-stabilization drive," and added, "We will continue active efforts to ease household burdens and enhance consumer benefits."
President Lee Jae-myung said at a senior secretaries and aides meeting at the Blue House in the afternoon, "I was briefed that cooking oil and ramen manufacturers will cut prices of some products by up to double digits starting with shipments next month," adding, "This will greatly help ease the public's burden from prices and stabilize livelihoods." He added, "I feel that it is almost the first time to see product prices go down during such a period of change," and "I extend my thanks to the corporations that joined in overcoming the crisis."