TOKYO (ANN/THE YOMIURI SHIMBUN) – A recent analysis by a Japanese private research firm reveals that the number of food and beverage products facing price increases this year is expected to surpass 10,000 items.
This is a significant reduction from last year’s figure, which exceeded 30,000 items.
Teikoku Databank, Ltd, the firm behind the research, warns that the weakening yen may lead to a surge in the cost of importing raw materials and ingredients, potentially triggering further large-scale price hikes through autumn.
The firm’s data, collected from 195 major domestic food and beverage manufacturers, indicates that 10,086 items are either seeing price increases or are slated for hikes between January and November.
This year’s total represents less than one-third of the 32,396 items that experienced price hikes throughout 2023.
The primary reasons for the increases remain consistent, with over 90 per cent attributed to rising raw material costs. However, the impact of the weak yen has grown, accounting for 29.8 per cent of the hikes, up from 11.4 per cent last year.
In July alone, the prices of 411 food and beverage items are set to rise.
Yamazaki Baking Co will raise prices on some products containing raisins and chocolate. These companies cite the weak yen and higher raw material costs due to poor crop yields from unfavourable weather as contributing factors.
