Thailand last raised the price of instant noodles in 2008.
Thailand has approved a proposal to raise the price of instant noodles, the country’s trade department said on Wednesday. This is the price increase on the essential daily staple in 14 years. According to a report, the decision comes days after five major producers of instant noodles urged the Thai government to allow them to raise their prices. Guardian, The war in Ukraine, along with droughts and floods in previous years, has pushed up the cost of wheat, energy and transportation, the outlet added.
The trade department has approved an increase of seven baht on each regular-sized packet, news agency AFP said. It said that the new price will be effective from August 25.
Prices for instant noodles had until now been capped by the Bangkok administration at six baht ($0.16) per packet.
The price of wheat flour has risen about 20-30 per cent in recent weeks and the price of palm oil has doubled, said Vira Nephpruchart of Thai Preserved Food.
“We are facing rising commodity prices, oil prices for exports,” he told AFP.
Guardian Inflation in Thailand hit a 14-year high in June, forcing the government to resort to price controls on some essential goods to ease pressure on consumers, the U.S. said.
Eggs, cooking oil and noodles were among the food items that were brought under price control, they are preferred by many as cheap and convenient food.
In a joint letter, the makers of Mama, YY, Yum Yum, Nissin and Suset urged the government to raise the price to 8 baht ($0.22).
Noodle prices have already risen in other Asian countries such as Japan and South Korea and it is estimated that wheat prices in China may rise by 30 per cent this year.