Japan Rice prices in retail markets have reached a record high of 4,444 yen per 5 kilograms, said the farm ministry, which has extended an uptrend intact following a respite after the government’s release of emergency stockpiles. Japan rice market marked a rise of 116 yen from a week earlier, which is the sixth consecutive weekly increase. The latest update related to Japan food inflation from the Japanese grain market has shocked many, as the latest increase came despite market views that this year’s good harvest would ease pressure on Japan rice prices.
This increase has surpassed all the previous highs seen before the Japan govt rice release reserved for emergency use in the hope of lowering retail prices of the staple crop. The survey by the Ministry of Agriculture, Forestry and Fisheries covered around 6,000 supermarkets. Comparable data became available in February. Prices of rice traded between distributors and wholesalers have been on a downward trend, but market analysts expect it will take time for the fall to affect retailers.
This surge in Japan staple food prices in 2024 is mainly due to a poor harvest, adding to the burdens of households already hit by higher energy and other Japan commodity prices.
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