Prices for 614 food, drink items to be hiked in June

collected

Prices for 614 food and drink items will be increased in June, with more likely to follow, private research company Teikoku Databank said.

Teikoku Databank forecasts price hikes for 614 food items in June due to factors like weak yen and supply disruptions. Expectations suggest ongoing increases, possibly reaching 15,000 items yearly.


Teikoku Databank announced the results of a "price revision trend survey" of 195 major food manufacturers and analyzed the outlook for June and beyond, Sankei Shimbun reported Saturday. The most common price hike in June is for processed foods across all food categories.

Teikoku Databank said the weak yen is causing about 30% of all price hikes, due to the increased cost of imported raw materials and other ingredients. Some products, like orange juice,

Read More : China's consumer prices rise for third month, factory deflation persists
are no longer available or hard to find in supermarkets because of rain damage and a citrus disease outbreak in Brazil, from where Japan imports 90 percent of its orange juice.

Chocolate product prices are going up due to the effects of extreme heat and drought on cocoa beans. Snacks such as instant fried noodles, crackers and potato chips will also be hiked by about 3-10 percent.

Teikoku Databank's outlook for the second half of this year is that the pace of price hikes is expected to continue at an average of around 1,000 items per month, and up to 15,000 items per year. However, it also said that if the yen remains weak at the high 150 yen to the dollar level for a long period of time, or if the yen weakens further, it is expected that the number of items will exceed the initial forecast.

Source: https://japantoday.com

Tags :

Share this news on:

Previous Story

Trending Topics

Archive