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Indofood Says Indomie Prices Won't Triple, Plays Down Minister's Forecast

11 August 2022 07:32 WIB

TEMPO.CO, Jakarta - Franciscus Welirang, Director of food industry giant PT Indofood Sukses Makmur, responded to Agriculture Minister Syahrul Yasin Limpo’s statement that the price of instant noodles in the country has the potential to increase up to three times in line with the soaring global prices of wheat in the wake of the Russia-Ukraine war.

Franciscus ensured that the price of instant noodles produced by his company which is traded under the code INDF, Indomie, would not triple. One of them is because the international price of wheat has recently declined.

Franky, as he is familiarly called, informed that the wheat prices reached their highest level in May 2022 and will arrive in Indonesia this August. “The highest price of wheat has passed and it is unlikely to rise again,” he said on Wednesday, August 10, as quoted from Bisnis.com.

The Association of Indonesian Wheat Flour Producers (Aptindo) chairman stated that the downward trend in wheat prices was supported by improving harvests in Canada and the United States, one of the largest wheat suppliers for the country. 

Meanwhile, the price hike for wheat for flour and instant noodles was followed by an adjustment in the selling price since last year.

“Wheat prices have shown an upward trend since 2021 and not only because of the Ukraine-Russia conflict but also poor harvests in North America,” Franky said.

BISNIS.COM

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