Instant noodle makers ask Thailand for price hike after 14-year peg

A student browses instant noodles at the Good Noodle store in Bangkok, Thailand, March 21, 2022. Picture taken March 21, 2022. REUTERS/Athit Perawongmetha

BANGKOK, Aug 15 (Reuters) – Instant noodle makers asked Thailand on Monday to allow them to charge more for their products to meet rising costs, potentially paving the way for the first price hike in the staple for 14 years.

The prices of instant noodles and other staples are controlled under Thai law. Five producers of noodle brands including, Mama, Wai Wai and Japan’s Nisshin said they were seeking approval from the Commerce Ministry to increase prices of their products from 6 baht ($0.17) to 8 baht ($0.23).

Some companies have previously been denied requests to increase prices by the government.

“The price of oil…