Food Prices Set to Surge in Japan in Early 2022
Tokyo, Dec. 22 (Jiji Press)--Prices of household foods such as flour products and cooking oil are set to spike in Japan from early next year.
The price hikes stem from rising ingredients prices following a global surge in demand after economic recovery from the novel coronavirus crisis, as well as from climbing logistics costs.
With companies unable to find ways to offset the high costs, some products have already seen prices raised, hitting consumers.
Yamazaki Baking Co. <2212> plans to raise the shipping price of its bread and pastries by an average of 7.3 pct from Jan. 1 next year. Nisshin Foods Inc., a unit of Nisshin Seifun Group Inc. <2002>, will raise the prices of wheat flour products by around 3 to 6 pct and mixed flour products by around 4 to 6 pct from Jan. 4.
The moves come after the government in October revised up the prices at which imported wheat is sold to the private sector by 19 pct from six months before.
[Copyright The Jiji Press, Ltd.]