Economic
Monday, 21/10/2024, 04:51 (UTC)

Price of Japan’s newly harvested rice reaches record high with a 48% increase

Japan’s Ministry of Agriculture, Forestry, and Fisheries recently announced that the average price for newly harvested rice in September of this year was 48% higher than that of the same month last year. More specifically, the average price of all varieties of new rice sold by farming cooperatives to wholesalers nationwide was 22,700 yen per 60 kilograms. 


This marks the highest price ever recorded since rice price surveys began in 2006.  


The ministry attributed this increase to higher “estimate cost” made by agricultural cooperatives to rice farmers to cover higher production costs, which include fertilizer prices. Intensified competition among customers and rice collectors due to the scarcity of rice. 


The ministry also announced the results of the bidding for imported rice into Japan on the 18th, marking the second consecutive time that all 25,000 tons of rice were successfully bid on. 


Amidst the price increase of domestic rice, the ministry believes that there is a growing demand for cheaper imported rice from sectors such as the restaurant industry and other sectors.


Source: NHK

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