Prices to rise in Japan on over 10,000 food items
Food prices will continue to soar in Japan in the first four months this year, with prices on more than 10,000 items set to rise due to high material and logistic costs, according to a recent survey by a credit research company.
Prices of 12,054 items have climbed or are expected to do so this year. Prices would be 16 percent higher on average from the current level, up 3 percentage points from a year earlier, according to Teikoku Databank Ltd data as of Jan 31.Read More : Staples such as some breads, cereals and fizzy drinks linked to higher cancer rates The pace of the increases will be about two times higher than the first four months of last year when 5,573 items became more expensive.
This month, prices of 5,463 items, such as frozen food and seafood products, will be raised, in another "price hike rush," following rises on over 7,800 items last October.
In March, 2,716 food items, including confectioneries, are expected to see price increases, while 3,192 items will see a rise in April, the survey said.
Teikoku predicts that the price increase of 2,000 to 3,000 items per month will continue until this summer.
"There is a possibility that the trend of passing on the increased cost of electricity and other expenses to customers will continue after summer," an official of the credit research company said.
A wide range of items has experienced price hikes since last summer as rising oil prices have raised logistics costs. While the rapid depreciation of the yen, which accelerated the trend, has been alleviated this year, the increase in electricity and gas bills will be a factor in pushing up prices, the company said.
The survey compiled pricing data from 105 listed and 90 non-listed manufacturers in the food and beverage industry.
Prices of 12,054 items have climbed or are expected to do so this year. Prices would be 16 percent higher on average from the current level, up 3 percentage points from a year earlier, according to Teikoku Databank Ltd data as of Jan 31.
This month, prices of 5,463 items, such as frozen food and seafood products, will be raised, in another "price hike rush," following rises on over 7,800 items last October.
In March, 2,716 food items, including confectioneries, are expected to see price increases, while 3,192 items will see a rise in April, the survey said.
Teikoku predicts that the price increase of 2,000 to 3,000 items per month will continue until this summer.
"There is a possibility that the trend of passing on the increased cost of electricity and other expenses to customers will continue after summer," an official of the credit research company said.
A wide range of items has experienced price hikes since last summer as rising oil prices have raised logistics costs. While the rapid depreciation of the yen, which accelerated the trend, has been alleviated this year, the increase in electricity and gas bills will be a factor in pushing up prices, the company said.
The survey compiled pricing data from 105 listed and 90 non-listed manufacturers in the food and beverage industry.
Source: japantoday.com
