TOKYO: Japanese consumers will face price hikes in October on around 2,900 food and drink items, the highest for any month this year, mainly due to a continued rise in raw material costs, Kyodo News Agency quoted a credit research company as saying on Monday.
The 2,911 hikes reflect a growing number of firms passing on higher raw material costs to consumers and surpassing the price hikes on 2,897 items in April, Teikoku Databank Ltd said in its report.
The company also cited rising logistics and labour costs, along with the weaker yen, which drives up import prices, as contributing factors behind the expected price hikes.
Alcoholic beverages and other drinks account for nearly half of the hikes, at 1,362 items. Processed foods such as sausages and ham account for 673 items and seasoning and condiments 301.
Teikoku Databank anticipates price increases on a total of 12,401 food items throughout 2024, a significant drop from the 32,396 items that saw price hikes in 2023.
A Teikoku Databank official said that while 2025 is likely to see an ease in price hikes caused by a weak yen, firms are expected to continue to pass on the rising labor costs to consumers.
The survey compiled pricing data from 105 listed and 90 non-listed companies in the food and beverage industry.
– Bernama, Kyodo
