Japan’s rice prices continue to rise despite government intervention
Retail rice prices in Japan climbed for the 14th straight week, reaching ¥4,214 ($29.30) for a 5-kg bag—more than double last year’s level. Despite the government’s move to release emergency reserves, the Ministry of Agriculture said supplies had not yet significantly reached shelves. Sales volume rose 0.9% year-on-year, indicating steady consumer demand despite soaring costs.
TOKYO – Rice prices at Japan’s supermarkets have continued to rise despite government’s move to release reserves to the market, according to the Ministry of Agriculture, Forestry and Fisheries Monday.
According to the data collected from around 1,000 supermarkets nationwide, average retail price for a 5-kg bag of rice between March 31 and April 6 came in at 4,214 yen (about $29.3), up 8 yen from the previous week.
This marked the 14th consecutive week of increases despite the fact that the government has begun releasing its emergency rice reserves for retail sale in late March.
The ministry noted that the reserves had not yet reached store shelves in significant quantities during the survey period.
Compared to the same period last year, when average price was 2,068 yen, current rice prices have more than doubled.
Meanwhile, total rice sales volume rose 0.9 percent year-on-year, suggesting that consumer demand remains relatively steady amid higher prices.
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Source : China Daily
