NOOOoooo...!!! 
I already pay between $1.89 and $4.29 per each container of instant ramen, this is bad news for me.
Japan 'Cup Noodle' price to be hiked due to wheat
Wed Sep 5, 2007 6:32am ET
TOKYO, Sept 5 (Reuters) - Nissin Food Products Co Ltd (2897.T: Quote, NEWS , Research) said on Wednesday it will raise prices of instant noodles by 7 to 11 percent in its first price hike in 17 years due to surging wheat prices and other food and packaging costs.
Japan's biggest maker of instant noodles said the price hike for its "Cup Noodle" will be effective for shipments from Jan. 1, 2008. The recommended retail price of its noodles will be raised to 170 yen ($1.47) from 155 yen before consumption tax.
The Osaka-based company said its cost-cutting efforts are reaching their limit given the government's hike of wheat prices by 10 percent from October and rising raw material costs for packaging, such as naphtha.
Japan buys wheat centrally via tenders and sells to users at prices fixed twice a year, including a margin to subsidise local farmers.
Wheat prices soared to record highs on both the Chicago Board of Trade and European markets on Wednesday with news of damage to Australia's wheat crop heightening concern about shrinking global stocks. [ID:nSEO326395] ($1=116.00 Yen)
© Reuters 2007. All Rights Reserved.
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