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Rice Costs Soar in Japan Due to Reserve Rice Release
(MENAFN) The average cost of rice at supermarkets in Japan has risen to 4,077 yen per 5 kg (roughly 27.5 U.S. dollars) in the week ending March 9, nearly doubling compared to the same period last year. This surge is largely attributed to the government’s decision to release rice from its reserves, according to the latest data released on Monday.
This significant price increase marks a 125-yen rise from last week, continuing a trend of escalating rice prices for 10 succeeding weeks. The Ministry of Agriculture, Forestry, and Fisheries, which collects weekly price data from around 1,000 supermarkets across the country, reported the new average price.
This marks the first instance since the data-tracking process launched in March 2022 that the price has exceeded the 4,000-yen threshold.
Additionally, rice sales have dropped by 11.6 percent compared to last year’s figures, with the decline highlighting the impact of rising prices on consumer demand.
The Japanese government held its first bidding event of reserve rice the previous week, with the released stock anticipated to appear on supermarket shelves as the month progresses. All eyes are now on how this move will influence rice prices in the weeks ahead.
This significant price increase marks a 125-yen rise from last week, continuing a trend of escalating rice prices for 10 succeeding weeks. The Ministry of Agriculture, Forestry, and Fisheries, which collects weekly price data from around 1,000 supermarkets across the country, reported the new average price.
This marks the first instance since the data-tracking process launched in March 2022 that the price has exceeded the 4,000-yen threshold.
Additionally, rice sales have dropped by 11.6 percent compared to last year’s figures, with the decline highlighting the impact of rising prices on consumer demand.
The Japanese government held its first bidding event of reserve rice the previous week, with the released stock anticipated to appear on supermarket shelves as the month progresses. All eyes are now on how this move will influence rice prices in the weeks ahead.
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