The prices of 417 food items will be increased in Japan in May, research firm Teikoku Databank said in a survey released Tuesday.
The figure from 195 major food and beverage makers is down by 50.2% from the 837 products a year before.
Although the figure fell for the fifth straight month, the rate of price increase averaged 31%, 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 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 will raise the price of the 456-gram Bosco Extra Virgin Olive Oil by 50%. The prices of J-Oil Mills’ household products will go up by 32% to 66%.
Price hikes are also noticeable for beverage items, mainly large polyethylene terephthalate, or PET, bottled products.
Kirin Beverage will raise the suggested retail price of its 1.5-liter Gogo no Kocha tea product to ¥432 from ¥400. The price of Asahi Soft Drinks’ 1.5-liter Mitsuya Cider will increase to ¥421 from ¥400.