Japan’s November Price Hikes Affect Everyday Food ItemsEconomy Lifestyle Society
A recent Teikoku Databank survey looking at price revisions by 105 major food companies in Japan shows that prices of 833 items will go up in November. The increases come on the heels of a flood of price hikes in October that affected roughly 6,700 items. Although rising prices have largely peaked for 2022, November’s hike hit essentials like seasonings and dairy product, further straining household pocketbooks.
Seasonings, including meat sauces and soup stocks, will see the largest number of price hikes in November, accounting for 40% of the total, or 338 items. Dairy products are second, with 318 items set to become more expensive. Soaring feed costs have pushed up prices for raw milk produced in Japan, and costs of whey and other imported dairy products have also risen, impacting everything from processed milk for drinking to yogurt to formula for infants. Price increases for dairy products are expected to be felt most keenly by consumers as items’ short sell-by dates require they be bought on a more frequently than seasonings, which households can easily stock up on.
The Teikoku Databank predicts that another flood of price hikes will occur around February and March 2023, affecting more than 2,000 items. It cites the depreciation of the yen as a major driver along with higher energy prices, such as for electricity and natural gas.
(Translated from Japanese. Banner photo © Pixta.)