Japan’s rice price index drops for first time in 3 months
A survey of Japanese rice producers and wholesalers indicates that rice prices may stabilize in the coming months after prolonged increases. February’s price projection index dropped to 54 from January’s record 77. Supermarket prices have nearly doubled, prompting government intervention through national stockpile auctions starting Monday to ease supply concerns.
A survey has found that Japanese rice producers and wholesalers believe prices of the staple grain will settle in the next few months. This comes amid over half a year of rising prices.
An organization of rice distributors conducts a monthly survey of 180 producers and wholesalers.
It uses their views to determine an index on future price projection. If the number is closer to 100, it means more respondents believe prices will get unreasonably high.
February’s index for the next three months is 54. That’s a significant drop from the record 77 set in January.
Rice prices at supermarkets across Japan have nearly doubled from a year earlier amid supply uncertainty.
“It’s hard to afford rice on my pension,” said one shopper. “But without it, my meals would just be bread, and I don’t want that.”
Prices started rising last summer due to a shortage before the fall harvest.
The government announced it will begin auctioning rice from the national stockpiles on Monday as a countermeasure. Many respondents to the survey said they believe this will be effective.
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Source : NHK World
