Prices Of 6,700 Food And Drink Products To Rise In Japan In October
A private research firm says that prices of about 6,700 food and beverage products will rise in Japan in October as manufacturers are faced with rising material costs and a weaker yen.
Teikoku Databank surveyed 105 major domestic food and beverage producers at the end of September.
The result shows that prices of 6,699 items will be increased in October. It is about 2.8 times as many price increases as there were in September.
The research firm notes that the prices of wheat and cooking oil have been on the rise since spring. It also points out that higher crude oil prices are causing price hikes of packaging materials and logistic costs. It says a weaker yen is also pushing up the cost of imported materials.
Alcoholic drinks and beverages top the list of categories with 2,991 items. It is followed by processed food such as canned food, ham, sausages and baby food with 1,819 items, and seasonings with 1,800 items.
The firm says prices of 20,665 items have been or will be raised this year, including those that have been raised multiple times. The average increase is 14 percent.
Teikoku Databank says that October seems to be the peak month for price hikes this year but new factors are emerging, such as rising prices of electricity, gas, animal feed and milk.
It says intermittent waves of price increases could occur in 2023 and onwards.