Japan retail rice price hits record high since gov’t release eased
Japan’s average supermarket rice price hit a record 4,444 yen per 5 kg, rising 116 yen in a week and marking the sixth straight increase. Despite a strong harvest and falling wholesale prices, retail costs remain high due to last year’s poor crop. Analysts expect delays before lower market prices reach consumers.
TOKYO
The average price of rice sold at supermarkets across Japan reached a record 4,444 yen per 5 kilograms, the farm ministry said Friday, extending an uptrend intact following a respite after the government’s release of emergency stockpiles.
The figure for the seven days through Sunday marked a rise of 116 yen from a week earlier, the sixth consecutive weekly increase. It surpassed previous highs seen before the government sold its rice reserved for emergency use in the hope of lowering retail prices of the staple crop.
The survey by the Ministry of Agriculture, Forestry and Fisheries covered around 6,000 supermarkets. Comparable data became available in February.
The latest increase came despite market views that this year’s good harvest would ease pressure on retail rice prices.
Prices of rice traded between distributors and wholesalers have been on a downward trend, but market analysts expect it will take time for the fall to affect retailers.
Prices surged in 2024, mainly due to a poor harvest, adding to the burdens of households already hit by higher energy and other prices.
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Source : Japan Today
