Japan’s rice price falls to lowest level since late 2024
Japan’s average supermarket rice price fell below ¥3,500 per 5 kg for the first time since late 2024, declining to ¥3,458 as inventories increased ahead of the new harvest. Private-sector rice stocks rose 51% year-on-year to 2.23 million tonnes, exceeding optimal levels.
TOKYO (Kyodo) — The average price of rice per 5 kilograms sold at supermarkets across Japan has dropped below 3,500 yen ($22) for the first time since late 2024 as moves to reduce elevated inventories continue, data from the farm ministry showed Friday.
In the seven-day period through Sunday, the price of rice sold at about 1,000 stores came to an average 3,458 yen, 96 yen lower than the week before and falling for the second consecutive week.
The last time the price fell below 3,500 yen was during the week through Dec. 29, 2024.
The average price of branded rice was 87 yen lower at 3,521 yen.
An official of the Ministry of Agriculture, Forestry and Fisheries suggested that moves to dispose of stocks may have accelerated as “the arrival of newly harvested rice approaches.”
Japan’s staple food began to disappear from store shelves and its price surged in the summer of 2024 due in part to extreme summer heat that reduced the previous season’s harvest, with the average price spiking to over 4,000 yen per 5 kg from around 2,000 yen before the shortages emerged.
The government sought to address the situation by releasing stockpiled rice. But private-sector inventories have been accumulating as demand shifted to cheaper stockpiled and imported rice.
According to the ministry, private-sector rice inventories as of the end of May reached 2.23 million tons, a 51 percent increase compared with the previous year. While the figure does not include rice held by small-scale wholesalers or farmers, it significantly exceeds the appropriate level of 1.8 to 2 million tons.
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Source : The Mainichi
