YonHAP NEWS AGENCY, Seoul, June 27 - Nine days after the South Korean government suggested that relevant industries reduce the price of instant noodles, Nongshim and Samyang Foods announced a price cut on the 27th for the first time in 13 years. Other instant noodle manufacturers are expected to follow suit.

From July onwards, the ex-factory prices of Nongshim’s Shin Ramen and Shrimp Crackers will drop by 4.5% and 6.9% respectively. Bags from 1,500 won down to 1,400 won. Samyang’s 12 types of instant noodles cut prices by an average of 4.7%, but the price of turkey noodles with a high proportion of overseas sales remained unchanged so as not to affect the total sales.

Korean Deputy Prime Minister and Finance Minister Choo Kyung-ho pointed out on the 18th that from September to October last year, the food industry raised the price of instant noodles sharply on the grounds of rising wheat prices. Now that the international wheat price has fallen by about 50%, it is hoped that food companies will lower prices accordingly. On the 27th, Nongshim took the lead in deciding to cut the price, and Samyang announced the price cut a few hours later. Instant noodle manufacturers such as tumbler and badao are also considering price cuts.

Whether biscuits and bread can join the ranks of price cuts is also attracting attention. The Ministry of Agriculture, Forestry, Livestock and Food had summoned flour manufacturers such as CJ CheilJedang and Daehan Milling the day before, requesting the industry to lower flour prices according to the drop in wheat prices. Major noodle companies said they would consider the possibility of lowering ex-factory prices next month.