TOKYO, Oct. 1 (Xinhua) — Over 4,000 food and beverage items are subject to price hikes in Japan this month, more than double the figure in the previous month, as businesses continue to pass on their higher raw material costs to consumers, according to a report by a credit research company.
Some 195 food and beverage makers surveyed have announced plans to raise prices for 4,634 items as of Friday, up from 2,148 items as of the end of August, Japan’s Teikoku Databank said in its latest online report.
Alcoholic beverages and beverages, influenced by alcohol tax hikes, comprised nearly 70 percent of the affected items, said the report, adding that processed foods like ham and sausages, ice cream and frozen desserts, and chocolate confectioneries also witnessed waves of price increases.
According to the report released on Friday, the cumulative number of items that experienced price increases in 2023 reached 31,887, 23.7 percent higher than the 2022 level during the same period.
This surge in price hikes, the most significant since the bursting of the economic bubble, reflects the substantial increase in raw material prices in the previous year and the ability of more companies to pass on these cost increases to consumers.
Consumers are becoming more price-weary and reluctant to buy things as they shift to discount stores and private brands, the company noted in the report.
The latest government data showed that Japan’s core consumer prices increased for the 24th month by rising 3.1 percent year on year in August, and food costs surged by 9.2 percent.
