Wheat prices have increased by twofold, while palm oil prices have increased by threefold as a result of the Russian invasion of Ukraine, one of the world’s major wheat exporters. Manufacturers of ready meals have requested expedited approval to boost prices during the current global and Thai hyperinflation. Since 2008, Mama, Nissen, YumYum, Suesat, and Wai Wai have expressed dissatisfaction over the rising costs of components such wheat and palm oil. To meet rising production expenses, five significant noodle producers have petitioned Thailand’s Internal Trade Department to increase the price of instant noodles from six to eight baht.
The director general of the Internal Trade Department asserted that they are aware of the predicament facing the manufacturers.
A 1-baht price increase won’t work, according to the noodle consortium, because the cost of producing instant noodles already has climbed by much more than 1 baht per package. For the very first moment in four decades, YumYum is in the red. The agency will evaluate every application for such a price hike based on how to least affect customers and if a business can continue to operate without the hike. Manufacturers of instant noodles may export to nations with no price restrictions if they are unable to raise prices to cover rising costs. According to them, the department is caught between shoppers and struggling businesses and has frozen prices to stop people from going hungry. Ramen noodles are a representation of frugal living.
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