The average wholesale price of rice in Japan in August rose by 17 percent from the same month of the previous year, marking a record high.
More specifically, according to the Ministry of Agriculture, Forestry, and Fisheries, all varieties of rice produced in 2023 were sold to wholesalers on average at 16,133 per kilogram. This is the highest level ever recorded since surveys began in 2006.
The increase is believed to be due to various factors such as reduced supply caused by poor harvests due to heatwaves in the summer of last year and growing demand from inbound tourists. Additionally, many consumers also rushed to stock up on rice in preparation for earthquakes and storms, further aggravating the supply-demand imbalance.
Thus, the price of this year’s newly harvested rice which is to enter full distribution soon, is also expected to grow higher. In light of the situation, in a press conference following the cabinet meeting on the 17th, Agriculture Minister Sakamoto expressed his belief on how rice prices will stabilize within the supply-demand balance once new rice becomes widely available and smoothly distributed.
Source: NHK
