More than 30,000 foodstuffs are subject to price hikes in Japan
TOKYO, July 12 (IANS) A new survey published Wednesday revealed that more than 30,000 food and beverage items were subject to price hikes in Japan this year as companies continue to pass on higher raw material costs to consumers.
The survey by credit research firm Teikoku Databank showed that 195 food and beverage manufacturers had announced plans to raise prices on 30,009 items this year as of Wednesday, up from 29,106 items at the end of June, according to Xinhua. .
Already about 20,000 items had prices raised in the first six months of this year, with prices of about 10,000 items planned to rise in the second half, including 3,716 in October, when the number could swell to around 8,000 items to reach the peak this year, according to the survey. .
The company said that consumers are facing an “unprecedented rush of price increases” in 2023, noting that the prices of about 35,000 food and beverage items may rise by more than 10,000 items from the previous year.