CHINA / National
More instant noodle makers join price hike
(CRIENGLISH.com)
Updated: 2007-07-24 13:48
Domestic instant noodle brands that are priced below 1 yuan (US$0.13)
will on Thursday join a nationwide price hike, the result of the soaring
cost of materials.
Chinese instant noodle brands decide to raise the prices of their
products to alleviate burdens brought by the soaring cost of materials.
[northeast.cn]
An official with the China Branch of the International Ramen Manufactures
Association (IRMA), Meng Suhe, said the prices will on average be raised
by 20 percent, and no highest than 40 percent.
This is the latest step of the burdened industry to ease the side effect
brought about by rising costs. Leading instant noodle manufacturers,
including Master Kong and President, last month raised the prices of
their products.
The prices of brands sold above 1.5 yuan per bag were increased by 0.2
yuan, on average, back in June.
Sources close to the industry reveal that the sector has been severely
affected by booming materials price hikes since last year.
The price of palm oil, a major ingredient that can account for 18 percent
of noodle production costs, has risen to around 8,000 yuan per tonne, up
from 4,200 yuan in 2006.
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