Prices of three instant noodle brands – Mama, Wai Wai and Yum Yum – will increase by one baht per packet from Thursday after the Department of Internal Trade approved a 16% hike from 6 baht per packet to 7 baht.
Director-general Wattanasak Sur-arm and representatives of the three instant noodle manufacturers called a press conference to announce the price rise.
Mr Wattanasak said the department approved a 1 baht rise from the current 6 per baht per packet based on rising production costs – higher prices of raw materials including wheat, palm oil and plastic for packaging, soaring energy prices and rising labour costs, he said.
The new price takes effect on Aug 25, he said.
“The department has set two conditions for the price hike. If prices of raw materials drop, manufacturers must decrease the price of their instant noodle products. They must constantly keep the department informed about prices of raw materials, so that the department can closely follow production costs,’’ Mr Wattanasak said.
Manufacturers of the five largest insant noodle brands - Mana, Wai Wai, Yum Yum, Nissin and Suesat - earlier joined forces in calling on the Commerce Ministry to allow them to raise their prices in line with soaring production costs within one week. They wanted a two baht rise.
In response, the Thailand Consumers Council called on the governent to ensure transparency in the decision and future pricing.