Thailand asks instant noodles to raise prices

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Thailand asks instant noodles to raise prices

BANGKOK Instant noodle makers asked Thailand on Monday to charge more for their products to meet rising costs, which could lead to the first price hike in the staple for 14 years.

The prices of instant noodles and other staples are controlled under Thai law. According to Weera Napapruekchat, Vice President of Thai Food Products Factory, Wai Wai, the price of wheat flour and palm oil has risen dramatically due to Russia-Ukraine conflict.

Weera said that some of its products were being sold at a loss and that it would reduce sales in Thailand and switch to overseas markets, where it has already increased prices if approval is not granted.

Thailand's Director-General of Internal Trade Wattanasak Sur-iam said in a statement that the government will consider proposals on a case-by-case basis and that any solution would have to be a win-win for both consumers and producers.