Director-general Wattanasak Sur-arm and representatives of the three instant noodle manufacturers called a press conference to announce the price rise, reports Bangkok Post.
Mr Wattanasak said the department approved a B1 rise from the current B6 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 – Mama, 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 B2 rise.
In response, the Thailand Consumers Council called on the governent to ensure transparency in the decision and future pricing.
Since instant noodles have been kept under the Commerce Ministry’s price control list, the prices of instant noodles had been allowed to be adjusted only two times – from 4.50 baht to 5 baht in 1997 and from 5 baht in 2008 to 6 baht