Rice prices in Japan drop for seventh straight week
Japan rice prices have fallen for seven straight weeks, averaging ¥3,935 per 5 kg amid ample supply and rising inventories. Higher stock levels and easing supply-demand balance are putting downward pressure on prices, even as branded rice still dominates sales.
Prices of rice sold from March 23 through Sunday in Japan averaged ¥3,935 per 5 kilograms, down ¥43 from the previous week, marking a seventh straight weekly decline, the agriculture ministry said Friday.
The average price is based on sales at about 1,000 supermarkets nationwide. The figure dipped below year-before levels, when prices climbed into the ¥4,000 range and government stockpiles began to be released.
By category, the average price of branded rice dropped ¥83 to ¥4,005 per 5 kg, while that of blended rice rose ¥27 to ¥3,703, marking its first increase in seven weeks.
The share of branded rice in total sales climbed 4 percentage points to 77%.
Private-sector rice inventories are projected at 2.21 million to 2.34 million tons by the end of June, exceeding the appropriate range of 1.8 million to 2 million tons.
As supply-demand conditions ease, downward price pressure is emerging in interdealer rice transactions as well.
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Source : Japan Times
