Price Hikes Sweep Japan's Eating-Out Industry
Tokyo, Oct. 19 (Jiji Press)--The number of publicly traded major Japanese bar and restaurant operators that have raised prices or announced price hike plans between January and Tuesday came to 56, nearly quadrupling from 15 as of late April, according to a private-sector survey released Wednesday.
The survey by credit research company Teikoku Databank Ltd. covered 100 listed companies in the Japanese eating-out industry.
In addition to soaring food and energy prices, companies are facing higher procurement costs for imported items due to the yen's rapid deterioration.
"Exchange rate movements and other unexpected factors are likely to prompt more and more companies to start and continue raising prices," a Teikoku Databank official said.
The share of companies that have raised or announced plans to increase prices stood at 90 pct among those offering Chinese-style noodles, including operators of Chinese restaurants and ramen shops.
[Copyright The Jiji Press, Ltd.]