Food Price Hikes Accelerating in Japan in Aug.

Economy

Tokyo, Aug. 1 (Jiji Press)--Food price hikes are accelerating in Japan in August after entering full swing last autumn.

According to credit research company Teikoku Databank Ltd., 2,431 products are set to see price hikes in August, reaching the highest level this year. The figure far exceeds the previous monthly high of 1,607 in July.

Frozen food products for home consumption, which are popular amid the COVID-19 crisis, especially face price increases. Five major makers simultaneously raised prices of over 400 goods Monday.

Backed by the surging popularity, the production value of frozen food products for home consumption in 2021 rose over 20 pct from 2019 before the pandemic, according to a survey by the Japan Frozen Food Association.

"The market is booming as the COVID-19 crisis has led many to realize the convenience and quality" of frozen foods, Tetsuya Matsuo, senior managing executive officer at Nichirei Foods Inc., said at an event for unveiling new frozen food products in early July.

[Copyright The Jiji Press, Ltd.]

Jiji Press