TOKYO: Prices will be raised for 417 products from 195 major food and beverage makers in Japan in May, down by 50.2 percent from 837 products a year before, research firm Teikoku Databank Ltd. said in a survey released Tuesday.
Although the figure fell for the fifth straight month, the rate of price increase averaged 31 percent, the highest since the monthly statistics began in 2022.
Teikoku Databank projects that prices will go up for up to 15,000 products in 2024, but it now sees the possibility that price hikes will spread further due to the yen’s weakening.
“If the dollar stays at levels above 155 yen for a long time, a rush of price hikes reflecting the yen’s depreciation is expected to occur as early as this autumn,” Teikoku Databank said.
In May, olive oil prices will rise sharply due to a poor harvest of olives. Nisshin Oillio Group Ltd. will raise the price of the 456-gram Bosco Extra Virgin Olive Oil by 50 percent. The prices of J-Oil Mills Inc.’s household products will go up by 32 percent to 66 percent.
Price hikes are also noticeable for beverage items, mainly large polyethylene terephthalate, or PET, bottled products.
Kirin Beverage Co. will raise the suggested retail price of its 1.5-liter “Gogo-no-Kocha” tea product to 432 yen from 400 yen. The price of Asahi Soft Drinks Co.’s 1.5-liter “Mitsuya Cider” will increase to 421 yen from 400 yen.
JIJI Press