Japan’s Average Rice Price Falls for 2nd Straight Week
Japan’s average retail rice price fell for the second consecutive week to 4,223 yen per 5 kg, still double last year’s rate. Government stockpiled rice, now sold via discretionary contracts, appears on shelves at around 2,000 yen. Of 310,000 tons auctioned, only 27,000 tons reached stores by May 11. Faster distribution aims to ease high prices.
Tokyo, June 9 (Jiji Press)–The average price of rice sold at about 1,000 supermarkets across Japan in the week through June 1 dropped for the second straight week, the agriculture ministry said Monday.
Rice prices averaged 4,223 yen per 5 kilograms, down by 37 yen from the previous week, with the decline expanding. Still, the average price remained at a level twice as high as that of a year before.
Rice released from the government’s stockpile under discretionary contracts is appearing in store shelves at around 2,000 yen recently. Monday’s data do not include such rice. The key will be whether the decline in rice prices will pick up pace.
The government released about 310,000 tons of stockpiled rice through auctions between March and April. Of them, only 27,000 tons had reached retail stores as of May 11, according to the ministry.
In an effort to deliver stockpiled rice to stores more quickly, the government shifted to discretionary contracts late last month, aiming to sell 300,000 tons directly to retailers.
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Source : Nippon
