Number of food items seeing price hikes in 2023 to exceed 2022

Price hikes have been decided for over 29,000 food and beverage items in Japan for 2023 so far, with the total number expected to be higher than the previous year at around 35,000, impacting households as they continue to face the adverse effects of inflation, a credit research company said.

As an increasing number of stores transfer higher raw material costs to consumers, the number of items subject to price hikes is forecast to be 29,106 by October, exceeding last year's total of 25,768, a survey by Teikoku Databank Ltd. released Friday said.

The company said the rate that prices have been increasing this year is unusual.

If the approximately 35,000 items forecast to see price hikes this year do so, aided by a bump in Japanese sake and wine prices in October, the company said.

July will see prices for more than 3,500 items rise, with bread products being the largest proportion at 1,578 items. The rising cost of bread products reflects price increases for raw ingredients such as imported flour and dairy, as well as electricity and gas.

More items are likely to see price hikes past November if the yen remains weak and keeps import prices higher.

The survey covered data from 105 major food and beverage companies listed on stock exchanges and 90 unlisted companies.

© Kyodo News