Japan Govt to Raise Imported Wheat Price by 5.8 Pct
Tokyo, March 14 (Jiji Press)--The Japanese government said Tuesday that it will raise the price of imported wheat it sells to milling companies by a smaller-than-expected 5.8 pct, to 76,750 yen per ton next month, as officials are seeking to mitigate the impact of rising inflation on households.
The government had been expected to raise the wheat price by 13.1 pct to 82,060 yen per ton due to the fallout of Russia's invasion of Ukraine.
Despite the government's effort, the price of imported wheat will hit its highest level since the current pricing system started in 2007.
Millers are set to increase their flour prices from about three months after the wheat price is raised, which will later sway the prices of bread and noodles.
The retail price of bread is expected to be raised by 1.1 yen per loaf from January, and that of ramen is also likely to go up by 1.1 yen per bowl, according to the agriculture ministry.
[Copyright The Jiji Press, Ltd.]