The government asked millers to cut prices after the finance minister prodded the ramen industry to do the same.

According to the agriculture ministry on Monday, it met with seven companies, including CJ CheilJedang and Daehan Flour Mills, and asked that the recent drop in flour import prices be reflected in their retail prices.

The international future price of flour, which spiked to 419 U.S dollars per ton last May amid the war in Ukraine, has since declined and remained under 300 dollars since last November, coming in this month at 243 dollars a ton, down 58 percent from last May.

The ministry said that the flour companies promised to consider a price reduction in July despite difficulties imposed by the gap between future and import prices, incidental expenses and currency exchange rates.

An industry official said, however, that while the companies plan to maximize communication and cooperation with the government on price stability, it may be difficult to actually bring down prices.

While the international price this month dropped to 243 dollars per ton, the average for the past year still remained above 201 dollars.

Last Sunday, finance minister Choo Kyung-ho said there is room for ramen companies to lower prices given the fall in international flour costs.

The consumer price index for ramen rose 13-point-one percent on-year in April, climbing by the fastest pace in 14 years.