Kishida Instructs Govt. To Freeze Wheat Prices
Japanese Prime Minister Kishida Fumio has instructed the agriculture ministry to draw up measures to keep the prices of imported wheat it sells to domestic flour mills at current levels.
Kishida gave the instruction on Monday at a meeting of a government task force on prices and wages.
He said imported wheat is likely to become about 20 percent more expensive from October.
The government purchases wheat from overseas and sells the grain to milling companies. International wheat prices are surging because of supply disruptions caused by Russia's invasion of Ukraine.
This is the first time in 14 years the government will take steps to curb wheat prices.
Kishida also told economy minister Nishimura Yasutoshi to consider measures to stem the rise in fuel prices.
The prime minister instructed the Cabinet Office to increase a special grant for regional authorities from the current 7.5 billion dollars to enable them to provide support that suits local situations.
Kishida indicated that the task force will finalize the measures by early September.
He said surging prices for bread and noodles are hitting consumers hard.
He also said the economy is constantly changing, so the government will take bold and seamless steps without sticking to precedents.