Instant noodle manufacturers in Thailand have finally received the go-ahead to increase the retail price. The Department of Internal Trade is now asking the manufacturers to hand over reports on the actual cost of production.
The prices of instant noodles from some brands are going up one baht a pack, following the pricing adjustment approval from the Department of Internal Trade (DIT). Instant noodles manufacturers have been trying to request a price increase since early this year, for which the requests were all declined.
Pricing for instant noodles for the past 14 years has been kept the same, as the product is considered a controlled good by the Central Committee on the Price of Goods and Services. The latest adjustment was made in late 2008, where the price went up from 5 to 6 baht.
DIT Director General Wattanasak Sur-iam said the department acknowledged the increasing costs faced by the manufacturers and has approved the price increase for no more than one baht per pack, which is lower than the manufacturers’ actual request of 8 baht.
The new adjustment will be reflected first for products from three manufacturers, namely Mama from Thai President Foods, Wai Wai from Thai Preserved Food Factory, and Yum Yum from Wan Thai Foods Industry.
The DIT is now reviewing the pricing adjustment requests from the manufacturers of Nissin and Sue Sat brands, which will be finalized in a week. The department demands that the manufacturers submit their material cost reports, and to lower the price accordingly when the cost drops.
Mr. Pun Paniangvait, President Office Manager at Thai President Foods, said this decision will help relieve the burden faced by manufacturers from the rising cost for the past 18 months, however, the company has yet to decide when to implement the new pricing. (NNT)
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