Japan rice prices hit new high despite gov’t countermeasures

Japan’s rice prices rose to a record average of 4,214 yen per 5 kilograms, more than double the level a year earlier, the government said Monday, suggesting that recent stockpile releases have had limited effect in curbing the soaring costs.

The government has auctioned off roughly 212,000 tons of its rice stockpiles in two batches to help ensure smoother distribution, with some reaching store shelves in late March.

However, the average price of rice sold at supermarkets nationwide between March 31 and April 6 rose by 8 yen from the previous week, marking the 14th consecutive weekly increase and the highest level since data collection began in March 2022.

Calling the situation “extremely irregular,” farm minister Taku Eto called on rice wholesalers and retailers to make efforts to lower prices at a meeting held the same day, asking them to “understand the intentions and aims of the reserve rice sales.”

Auctions of rice stockpiles are set to continue, with Prime Minister Shigeru Ishiba instructing Eto on Wednesday to carry out monthly releases from April to around July. An additional 100,000 tons is scheduled to be auctioned later this month.

The spike in rice prices follows a poor harvest in the summer of 2023, as high temperatures reduced the amounts available for distribution the following year.

This article has been republished from The Japan Times.