KYODO NEWS



 

Japanese consumers face price hikes in October on around 2,900 food and drink items, the most for a month so far this year, mainly due to a continued increase in raw material costs, a credit research company said Monday.

The 2,911 hikes reflect a growing number of firms passing on higher raw material costs to consumers and surpass the price hikes on 2,897 items in April, Teikoku Databank Ltd. said in its report.

The company also cited rising logistic and labor costs and the weaker yen, which pushes up import prices, as behind the expected price hikes.

Alcoholic beverages and other drinks account for nearly half of the hikes, at 1,362 items. Processed foods such as sausages and ham account for 673 items and seasoning and condiments 301.

Teikoku Databank anticipates price increases on a total of 12,401 food items for the whole of 2024. The figure is significantly lower than the 32,396 items raised in 2023.

A Teikoku Databank official said that while 2025 is likely to see an ease in price hikes caused by a weak yen, firms are expected to continue to pass on the rising labor costs to consumers.

The survey compiled pricing data from 105 listed and 90 non-listed companies in the food and beverage industry.