The rise in food prices at the dining table in Japan shows no signs of slowing down. Due to the depreciation of the yen and the sharp increase in raw material prices, more than 5,000 food items will see price hikes in April alone.
On the 1st, Japanese credit information company Teikoku Databank announced that prices of 5,106 food items will increase this month in Japan. Although this is fewer than the 5,528 food items that saw price increases in February, it is about four times more compared to the same month last year.
The spread of avian influenza and rising feed costs have caused egg prices to surge, and milk has also become more expensive. The increase in egg and milk prices is analyzed to be causing a chain reaction leading to higher food prices overall.
According to Japan's Ministry of Internal Affairs and Communications, the nationwide consumer price index in February rose 3.1% compared to the same month last year. The food price increase rate was more than double, rising 7.8%. This food price inflation rate marked the highest level in 46 years and 7 months.
Teikoku Databank forecasts that due to food price increases after April, the burden on households will rise by about 26,000 yen (approximately 250,000 won) over the next year.
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