Instant noodle makers ask Thailand for a price hike after 14 years of entrenchment


A student browses instant noodles at the Good Noodle store in Bangkok, Thailand March 21, 2022. Picture taken March 21, 2022. REUTERS/Athit Perawongmetha

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BANGKOK, Aug 15 (Reuters) – Instant noodle makers on Monday asked Thailand to allow them to charge more for their products to cope with rising costs, potentially paving the way for the industry’s first ever price hike. staple food for 14 years.

Prices for instant noodles and other staples are controlled by Thai law. Five noodle brand producers, including Mama, Wai Wai and Japan’s Nisshin, said they were seeking approval from the Ministry of Commerce to raise prices for their products from 6 baht ($0.17) to 8 baht ( $0.23).

Some companies have already been denied requests for price increases by the government.

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“The price of oil has risen significantly due to the Russian-Ukrainian conflict,” said Weera Napapruekchat, vice president of Thai Food Products Factory, which makes Wai Wai, adding that the price of wheat flour and oil palm had also risen sharply.

Weera said some of its products were being sold at a loss and it would cut sales in Thailand and look to overseas markets, where it has already raised prices, if approval was not granted.

The government will consider proposals on a case-by-case basis and any solution should be a win-win for consumers and producers, Thailand’s director general of domestic trade Wattanasak Sur-iam said in a statement.

($1 = 35.4700 baht)

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Reporting by Panarat Thepgumpanat and Chayut Setboonsarng; Editing by John Geddie

Our standards: The Thomson Reuters Trust Principles.

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