Confectionary, bread makers to raise prices amid inflationary pressures

Confectionary and food makers decided to increase prices of their products amid persisting cost pressure stemming from the war in the Middle East, according to the companies Friday.

Nongshim, the producer behind the globally popular Shin Ramyun, decided to increase the wholesale price of products from 43 brands by an average of 5.8 percent starting next month, which included cup noodles, snacks and beverages, the company said.

Following the increase, the retail price of the company's flagship Shrimp Crackers is expected to increase to 1,600 won ($1.09) from 1,500 won.

It marks the first time in 17 months since the company raised the price of the snack brand.

Nongshim explained the latest price hike was an "inevitable" decision, given worsening business conditions and increasing cost pressures, due to the Korean won's depreciation and rising oil prices amid escalating tensions in the Middle East.

But the company decided to exclude packaged instant "ramyun" from the price hike this time, in an effort to tame inflation, despite it accounting for 63 percent of its sales, it said.

CJ Foodville ...