Prices set to rise in Japan for over 7,000 food items on cost hike

Funviralpark 2 years ago 0 3

Food prices will continue to rise in Japan in the first four months of 2023, with more than 7,000 items expected to rise due to increased logistics and manpower, as well as higher material costs, according to a recent study by Credit. . research company.

According to data released by Teikoku Databank, prices of a total of 7,152 items are expected to rise from January to April, averaging 18% higher than current levels, up from a 14% rise from last year to this year. will be Wednesday.

The pace of increase is expected to be 1.5 times faster than during the same period this year. This is because the yen’s rapid depreciation against other major currencies such as the U.S. dollar causes sharp increases in the cost of imported food and beverage products.

As of the end of November, 4,425 food items were scheduled to have price increases in the first quarter of 2023, but the company has decided to increase prices on more items over the next three weeks.

About 60% of 7,152 items are estimated to see price increases in February, according to the survey, marking the second “price increase rush” after nearly 7,000 items were raised in October.

An official at Teikoku Databank pointed out, “The upward pressure on costs has not been resolved, and prices have not been sufficiently passed on to customers in the food sector, which is close to consumers.”

The official forecast that price increases will continue intermittently.

After the government raised the selling price of imported wheat in April, the cost of 20,822 items will be lifted in 2022, and edible oil and soybean-based products have also surged.

Prices for a wide range of items have been raised since August, as logistics costs rose due to rising crude oil prices. The rapid depreciation of the yen further accelerated that trend.

The study compiled pricing data from 105 manufacturers on the food and beverage industry list.

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