Nongshim cup noodles and Shrimp Crackers to rise 5.8%, Dunkin' donuts up 6.5%

South Korean food giant Nongshim is set to increase prices on a range of its products, including popular cup noodles and snacks, by an average of 5.8% starting February 1.

This move follows a trend in the food industry, with Dunkin' also announcing a 6.5% average price hike for its donuts beginning February 2. Nongshim's price adjustments will affect 43 brands, with cup noodles seeing a 6.0% increase, snacks 5.5%, and beverages 7.7%.

For instance, the retail price of a bowl of Yukgaejang cup noodles is expected to rise from 1,100 won to 1,200 won, and a 90g pack of Shrimp Crackers will go from 1,500 won to 1,600 won. These are average increases, and actual prices may vary by retailer.

Nongshim cited escalating costs for packaging materials, driven by a prolonged period of high exchange rates and oil prices, as the primary reason for the adjustment. The company stated that despite efforts to reduce costs and improve efficiency, rising raw material prices and increased supplier costs made the price hike unavoidable. However, to mitigate consumer impact, Nongshim will not raise prices on its bagged ramen products, which constitute 63% of its total ramen sales.

Dunkin', operated by BR Korea, is increasing prices on 39 donut varieties due to rising operational costs. While some donuts like the Famous Glazed and Cacao Honey Dip will see a 200 won increase, others like the Crème Brûlée donut will adjust slightly. The company also noted a recent price reduction on three Dubai-style chocolate donuts.