Japan despite of trying desperately to control rice prices has not yet achieved much positive outcomes in the direction. As per the latest report surfaced from Japan’s market, the average price per 5 kilograms of rice at approx. 1,000 supermarkets in Japan in the week to Sept. 7 were priced at ¥4,000 for the first time since early June.
The average price rose ¥264 from the previous week to ¥4,155 in the week through Sept. 7, up for the second straight week, further added the agriculture ministry. This increase is reportedly the steepest increase since the data began in March 2022, reflecting the start of sales of this year’s new harvest and a decrease in the availability of cheaper government-stockpiled rice.
Rice Prices in Japan have Settled down to a Certain Degree Said Shinjiro Koizumi
However, agriculture minister of Japan Shinjiro Koizumi told reporters that rice prices in Japan have settled down “to a certain degree,” given that the average price was at ¥4,200 when he took office in May. As per the latest average rice price released on Friday, it seems that the price-curbing effects of government-stockpiled rice are gradually getting weaker.
Blended rice, which also includes the government stockpiled rice, accounted for 30% of all sales during the week, down from 58% marked between late June and mid-July. Newly harvested rice and rice sold under brand names comprised 70% of sales. The average price of such rice rose ¥72 to ¥4,344. Despite of government’s effort of extending the deadline for selling government stockpiled rice the rice prices in Japan is not yet under control causing the country’s inflation to stay above 3% every month this year, with food inflation topping 6%.