According to research firm Teikoku Databank, a total of 32,396 items produced by 195 major food and beverage companies nationwide will experience price increases in 2023, the largest increase in 30 years since the collapse of the bubble economy in the 1990s. Ta.
Azel News This report was quoted from the Japan Times.
This figure marks a 25.7% increase from 2022, when the prices of 25,768 food items increased.
The number of items whose prices will increase next year is expected to drop sharply to around 15,000 at most. Still, officials warned that prices could rise for more items than expected, depending on cost factors and currency movements.
In 2023, there were price increases for more than 5,000 items in February, when major manufacturers raised the prices of frozen foods, and in April, when prices of items such as mayonnaise rose due to egg shortages. There were approximately 4,760 items whose prices increased in October.
The pace of price increases slowed toward the end of 2023 as manufacturers grew concerned about declining sales volumes. Only 139 items and 678 items increased in price in November and December, respectively.
According to the same survey, households with two or more people reduced their food costs by 3,685 yen per month, indicating that thrift-minded consumers are shifting to cheaper private brand products and reducing the number of items they purchase.
In 2024, the prices of 3,891 items, including olive oil and whiskey, are scheduled to increase by May.
The rise in prices could be due to an increase in labor costs due to rising wages, or a jump in utility costs due to the end of the government’s subsidy system.
Another possible factor is the soaring logistics costs due to the so-called 2024 problem, which is related to a severe shortage of truck drivers due to new overtime regulations.
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