Japan faces price hikes on over 3,000 food items in October 2024
A survey by Teikoku Databank shows that 3,033 food products will rise in price in Japan in October 2024, including frozen foods (5-8%), snacks (3-17%), and beverages (5-21%). The firm forecasts approximately 20,000 food items will increase throughout the year. September saw nearly 5,000 items rise, triple the number from the same month last year. The increases are attributed to higher raw material, energy, and logistics costs, plus yen depreciation.
IllustrationEditorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page reads the event directly, while its address stays stable when the title changes.
- Summary covers the current reports
Cross-source coverage
Reporting timeline
Japan Faces Price Hikes on Over 3,000 Food Items in October, Survey Shows
According to a survey by Teikoku Databank reported by Kyodo News, Japan's food and beverage industry is expected to raise prices on 3,153 products in October 2023, following 4,965 price increases in September. The survey attributes the surge to rising crude oil and naphtha costs driven by Middle East tensions, which have increased packaging material expenses, and a weak yen that has raised import prices. These factors are prompting companies to pass higher costs on to consumers, creating a two-month wave of price hikes.
Read sourceJapan Faces Major Food Price Hikes: Over 3,000 Items to Rise in October 2024
A recent survey by Teikoku Databank, covering 195 major food and beverage producers in Japan, reveals that over 3,000 food products will see price increases in October 2024. The survey forecasts that approximately 20,000 food items will rise in price throughout the year. In September 2024, nearly 5,000 items already increased, triple the number from the same month last year, marking the largest monthly wave of price hikes this year. The price increases affect frozen foods (5-8%), snacks (3-17%), and beverages (5-21%). Teikoku Databank attributes the surge to rising costs of raw materials, energy, and logistics, as well as the yen's depreciation, which raises import costs. Japan's Ministry of Internal Affairs reported that the core CPI (excluding fresh food) rose 1.7% year-on-year in August 2024, with food prices up 2.7%. The last major wave occurred in 2023, when over 32,000 food items increased in price, the highest in 30 years, driven by similar factors.
Read sourceJapan Faces Food Price Surge: Over 3,000 Items to Rise in October, 20,000 Expected in 2024
According to a survey by Japan's Teikoku Databank, October 2024 will see 3,033 food products increase in price in Japan, including frozen foods, snacks (up 3-17%), and beverages (up 5-21%). The research firm forecasts that if current trends continue, approximately 20,000 food items will rise in price throughout the year. The price hikes are attributed to rising costs of raw materials, energy, and logistics. The report notes that Japan's previous major wave of food price increases occurred in 2023. The article was sourced from China's East Money News via Zhongxin Jingwei.
Show 2 older updatesHide older updates
Survey Shows Over 3,000 Food Items to Rise in Price in Japan in October
A survey by Teikoku Databank, covering 195 major food and beverage producers, indicates that 3,033 food items will increase in price in Japan in October 2024. The price hikes affect frozen foods (5-8%), snacks (3-17%), and beverages (5-21%). The firm forecasts that approximately 20,000 food items will see price increases across the entire year. This follows a September wave of nearly 5,000 price hikes, roughly three times the number from the same month last year. The survey attributes the ongoing price rises to higher costs for raw materials, energy, and logistics, as well as the yen's depreciation increasing import costs. Japan's core CPI (excluding fresh food) rose 1.7% year-on-year in August, with food prices up 2.7%. The previous major wave occurred in 2023, when over 32,000 items rose in price, the highest in 30 years.
Read sourceSurvey Shows Over 3,000 Food Items to Rise in Price in Japan in October
A survey by Japan's Imperial Database Company indicates that over 3,000 food products will increase in price in Japan in October 2024, including frozen foods, snacks, and beverages. Frozen food prices are expected to rise by 5% to 8%, snacks by 3% to 17%, and beverages by 5% to 21%. The company forecasts that approximately 20,000 food items will see price hikes throughout the year. In September 2024, nearly 5,000 food items rose in price, about three times the number from the same month last year, marking the largest monthly wave of increases this year. The survey attributes the price rises to higher costs of raw materials, energy, and logistics, as well as yen depreciation increasing import costs. Japan's core consumer price index (CPI), excluding fresh food, rose 1.7% year-on-year in August, with food prices excluding fresh food up 2.7%. The previous major wave of food price increases occurred in 2023, when over 32,000 items rose in price, the highest in 30 years.