Japan sees 48% surge in newly harvested rice prices
In September 2024, rice prices in Japan surged by 48% compared to the previous year, driven by rising production costs and heightened demand amid a supply shortage. The average price of unpolished rice hit 22,700 yen (approximately $152) per 60 kg, marking the highest price since 2006. Increased fertilizer costs and market demand have pressured the rice industry.
21st October 2024 – (Tokyo) Reports from local media on Monday revealed a significant 48% surge in the average price of newly harvested rice in Japan in September compared to the previous year. This sharp increase has been attributed to escalating production costs and heightened market demand following a supply shortage that has gripped the nation.
According to public broadcaster NHK, the prices of all varieties of unpolished rice, distributed by the National Federation of Agricultural Cooperative Associations and other supplier bodies to wholesalers, averaged at 22,700 yen (approximately 152 U.S. dollars) for a 60 kg unit in September. This data, sourced from the farm ministry, underscored the substantial price hike that has taken place in the rice market.
This figure has set a new record for September, marking the highest price point recorded since the ministry commenced its surveys on rice prices back in 2006, the report highlighted.
The farm ministry has identified several key factors contributing to this sharp uptick in rice prices. Rising production costs, including increased expenses on fertilisers, have necessitated higher payments by agricultural cooperatives to farmers. These escalating costs have put pressure on the pricing structure within the rice industry, leading to the notable surge in market prices.
Source Link : https://www.dimsumdaily.hk/japan-sees-48-surge-in-newly-harvested-rice-prices/
