(2nd LD) Food companies slash snack, instant noodle prices

South Korea's major instant noodle makers and snack producers have cut prices for their flour-based products following the implementation last month of a price cut by the country's flour suppliers.

Nong Shim Co., the country's No. 1 producer of instant noodles, said Tuesday that it will slash the prices of its seven instant noodle products by up to 7.1 percent starting Wednesday.

Its rival Samyang Foods Co. lowered the prices of five major products by up to 6.7 percent Friday.

Korea Yakult Corp., a local manufacturer, also said Tuesday that it has cut instant noodle prices by up to 7.7 percent.

Lotte Confectionery Co., South Korea's top snack producer, along with Crown Confectionery Co. and Crown's affiliate Haitai Confectionery & Foods Co., also brought down prices of their key products on the same day.

"We decided on the price cut to lighten financial burdens on consumers and to join the government's efforts to stabilize prices," a Lotte official said.

The prices of seven Lotte products including Choco Pie, a chocolate-dipped cookie with a marshmallow filling, fell up to 14 percent, while that of two Crown products went down by 10 to 12 percent.

Local bakery chains Paris Baguette and Tous Les Jours also reduced bread prices last month.

South Korea's top three flour makers -- CJ Jeiljedang Corp., Daehan Flour Mill Co., and Dongaone Co. -- reduced flour prices by 6 to 8 percent in January, on the back of global flour price stabilization and a stronger won.

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