Japanese rice prices soared 28.3%

On the 20th local time, the Ministry of Internal Affairs and Communications of Japan announced the national consumer price index for August, showing that rice prices rose 28.3% from the same period in 2023, the largest increase in about 49 years.

The hot summer in 2023 led to a decrease in shipments. August is a period of low inventory before the full launch of new rice, and the high demand for reserves to prepare for disasters such as earthquakes and typhoons has pushed up the increase.

According to reports, japonica rice excluding Koshihikari rose 29.9%. Koshihikari rice rose 25.6%.

According to the report, foods including rice (excluding fresh foods) rose 2.9%, the first increase in 15 months. Factors such as the 12.7% increase in chocolate prices caused by rising raw material prices have an impact. Due to the deterioration of fertility conditions caused by the hot summer, the price of pork (domestic products) rose 7.2%.

The report pointed out that the overall index in August (100 in 2020) excluding fresh foods was 108.7, up 2.8%. The increase has expanded for four consecutive months.

According to reports, the end of the Japanese government’s subsidy policy led to a 26.2% increase in electricity prices and a 15.1% increase in urban gas prices. On the other hand, gasoline prices fell by 3.8% due to the base effect of rising prices in the same period last year.