South Korea's Fair Trade Commission (KFTC) has launched a probe into allegations that instant noodle manufacturers have colluded to fix the price of noodles.

According to a report by Yonhap news agency, the KFTC has identified four Korean instant noodle makers, including industry leader Nong-Shim.

Other companies implicated are Sam Yang Foods and Ottogi Corp, the report claimed.

The inquiry follows a 16% jump  in the average price of ramyeon instant noodles since February. Price increases have been attributed to the soaring cost of raw materials.