Japan's Food, Beverage, and Seasoning Industry Faces Spring of Price Hikes
For Japanese households, this April will bring a challenging "spring of price increases" in their family budgets.
According to data from market research firm Teikoku Data Bank, 2,798 food and beverage items are set to increase in price in April.
This April marks the first wave of price hikes this year. The average increase rate stands at 14%, and it is the first time in half a year that over 2,000 items have seen price rises within a single month.
By category, seasonings account for the largest number—1,514 items—primarily mayonnaise and sauces.
Second comes processed foods such as instant noodles and powdered soups (609 items), followed by alcoholic beverages and drinks (369 items).
The main reason behind the price hikes is the sharp rise in raw material costs; a total of 5,729 products are expected to see price increases between January and July this year.
Teikoku Data Bank analysis suggests that if instability in oil supply arises due to ongoing Middle East tensions, the price hike trend could intensify again in the second half of the year.
#
Original source: toutiao.com/article/1861333366013952/
Disclaimer: The views expressed in this article are solely those of the author.