japan's rice prices hit biggest year-on-year increase in nearly 49 years in august
2024-09-20
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the consumer price index for august released by japan's ministry of internal affairs and communications on the 20th showed that rice prices rose 28.3% year-on-year, the largest increase in nearly 49 years.
on july 26, a man walked past a shelf with rice in a chain supermarket in tokyo, japan (photo taken with a mobile phone). photo by xinhua news agency reporter zhong ya
among them, the price of japan's high-quality rice variety koshihikari rice increased by 25.6% that month, and the price of polished round-grained rice other than koshihikari rice increased by 29.9%.
kyodo news reported that the extremely hot weather in japan last summer led to a decrease in rice production. in addition, august is a period of low inventory before the new rice is fully put on the market, and the demand for reserves to prepare for disasters such as earthquakes and typhoons is high, which has pushed up rice prices.
from the perspective of energy price trends, the cancellation of the government subsidy policy in june led to an increase of 26.2% and 15.1% in electricity and city gas prices respectively, while gasoline prices fell by 3.8%, mainly because the price in the same period last year was higher than the normal level in previous years.
this is a photo taken on july 26 of rice on a shelf at a chain supermarket in tokyo, japan (photo taken with a mobile phone). photo by xinhua news agency reporter zhong ya
overall, the core consumer price index excluding fresh food rose by 2.8% in august, rising year-on-year for 36 consecutive months, and the increase has expanded for four consecutive months. this figure exceeds the 2% inflation target set by the bank of japan in april 2022. a reuters report believes that japan's inflation rate has been higher than the set target for more than two years, which is largely due to the rise in prices of imported goods in japan.
the bank of japan decided on the 20th to maintain the current policy rate of 0.25%. kyodo news reported that after the us federal reserve announced a 50 basis point interest rate cut on the 18th, the japanese government is closely watching the yen exchange rate trend and the outlook for the japanese economy.
source: xinhua news agency
editor: wang xiaoting
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