Japan Rice Prices Surge to Record High
Japan Rice prices Reach Record High
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The average price of rice in Japan has reached a new record high,according to data released by the Ministry of Agriculture,Forestry and fisheries. As of the week ending January 7, 2024, the average price for a 5-kilogram bag of rice rose to ¥4,416, an increase of ¥93 from the previous week. Ministry of Agriculture, Forestry and Fisheries.
Brand Rice Sales Increase
Demand is shifting towards higher-quality rice. The price of “brand rice,” which includes newly harvested varieties, increased by ¥21 to ¥4,516. Brand rice now accounts for 74% of total rice sales, a 2 percentage point increase. ministry of Agriculture, Forestry and Fisheries.
Impact on Blended Rice
Conversely, the price of less expensive blended rice rose significantly, increasing by ¥261. However, its market share decreased to 26%.Ministry of Agriculture, Forestry and Fisheries.
Price Variations Across Supermarkets
A separate survey conducted across approximately 1,200 supermarkets revealed an average rice price increase of ¥291, reaching ¥4,176. This data corroborates the overall trend of rising rice prices in Japan. Ministry of Agriculture, Forestry and Fisheries.
The previous week, ending December 28, 2023, saw a slight decrease in the average price, falling by ¥14 to ¥4,323. However, the current trend indicates a reversal of this temporary decline.