Instant noodles prices in S.Korea grow at fastest pace in 13 yrs
Seoul
07-November-2021
.webp)
PHOTO: IANS
The prices of instant noodles in South Korea grew at the fastest pace in about 13 years last month, data revealed on 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 per cent in October from a year earlier, reports Yonhap News Agency.
The price hike was the largest since February 2009, when the price grew 14.3 per cent 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 per cent from a year earlier, the fastest in almost a decade.
Watch This TWL Video
It is much higher than the central bank's target inflation rate of 2 per cent for this year - IANS
More Headlines
Nationwide Strike Halts Services as Trade Unions Protest Centre's Labour Laws
Texas Floods Kill 109, Over 160 Missing as Guadalupe River Search Continues
Gopal Khemka Murder: Accused Vikas Kumar Killed in Police Encounter in Patna
Shiv Sena-UBT Hits Back At BJP Amid Attacks On Hindi-Speaking Individuals
Shiv Sena (UBT) Hits Back at CM Fadnavis Over ‘Rudaali’ Remark on Uddhav’s Rally Speech
Nationwide Strike Halts Services as Trade Unions Protest Centre's Labour Laws
Texas Floods Kill 109, Over 160 Missing as Guadalupe River Search Continues
Gopal Khemka Murder: Accused Vikas Kumar Killed in Police Encounter in Patna
Shiv Sena-UBT Hits Back At BJP Amid Attacks On Hindi-Speaking Individuals
Shiv Sena (UBT) Hits Back at CM Fadnavis Over ‘Rudaali’ Remark on Uddhav’s Rally Speech