Japan’s weaker currency causes price hikes on over 30,000 food items

Tokyo [Japan], July 23 (ANI): According to a credit research company, Japan will see a price hike on 30,009 food and beverage products by October as the country’s currency Yen weakens as well as weaker Yen pushing up import prices, Kyodo News Agency reported.

Adding that, the company also cited another reason to be a surge in electricity and labour costs.
The total, including the hikes in coming months, already surpasses the 2022 total of 25,768 items, Teikoku Databank Ltd. said in its report in mid-July.

The company however also maintained its forecast for the full year at around 35,000 items, stating that October is expected to see the most price hikes, according to Kyodo News Agency.

Kyodo News is a news agency based in Minato, Tokyo.

The company’s survey compiled pricing data from 105 listed and 90 non-listed companies in the food and beverage industry.

As the increased burden has reduced the purchasing power, the company said that companies will continue increasing the prices at such a rapid pace as it will further dampen demand.

Moreover, October will see price hikes for 3,716 items, including sausages and alcoholic beverages, up about 300 from the number announced at the end of June, Kyodo News Agency reported.

Although, the company added that the monthly total could end at over 8,000 as more companies are likely to announce price changes. It also expects an intermittent rise in price between the year-end and the beginning of 2024.

Earlier this month, Kyodo News Agency reported that almost 27 per cent of nursing homes and related service facilities in Japan may go out of business or go bankrupt in the next few years if rising pricing and utility expenses continue to put pressure on them, a survey by nursing care groups said.

According to the report, price rises have had an impact on over 90 per cent of facilities.