Japanese Wholesale Rice Prices Hit Record High In October

Japanese rice prices reached a record high in October due to rising production costs, despite expectations of a post-harvest decline, Kyodo News reported.

The spike in rice prices has been attributed to low private-sector inventory. I Photo: USA Rice Federation

Government data revealed that the average price of unpolished rice sold to wholesalers rose 57% year-over-year to 23,820 yen ($154) per 60 kilograms, the highest level recorded since the Ministry of Agriculture, Forestry and Fisheries began the survey in 2006.

The spike in rice prices has been attributed to low private-sector inventory, which hit a 25-year low during the summer, and robust demand driven by a surge in inbound tourism and the popularity of Japanese cuisine.

These higher costs have placed additional strain on households already grappling with rising energy and food prices.