Japan To See Price Hikes On 35,000 Food, Drink Items

Japanese consumers will have seen price hikes on 30,009 food and beverage products by October as retailers pass on higher costs to protect their profits, according to a credit research company, Mainichi Shimbun reported.

Photo Insert: The company cited rises in electricity and labor costs, along with a weaker yen pushing up import prices, as factors that will lead to further price increases.

The total, including the hikes in coming months, already eclipses the 2022 total of 25,768 items, Teikoku Databank Ltd. said in its report in mid-July. The company also maintained its forecast for the full year at around 35,000 items, saying October is expected to see the most price hikes.

The added burden on households has reduced purchasing power, making it increasingly unlikely companies will continue increasing prices at such a rapid pace as it will further dampen demand, it said.

The company cited rises in electricity and labor costs, along with a weaker yen pushing up import prices, as factors that will lead to further price increases. October will see price hikes for 3,716 items, including sausages and alcoholic beverages, up about 300 from the number announced at the end of June.

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