The Japanese government reported on Monday that rice prices have reached another peak, averaging 4,172 yen ($28) for every 5 kilograms. This development comes as the initial release from state reserves is set to appear on supermarket shelves shortly.
Between March 10 and 16, the typical cost of rice sold at grocery stores nationwide surged over twofold compared to the same period last year. This marks an increase for the eleventh continuous week, reaching its peak since records started in March 2022. However, the anticipated reduction in prices due to the release of reserves has not materialized as expected.
In mid-February, the government announced that it plans to release as much as 210,000 tons from its stored reserves of rice. This move aims to maintain an adequate supply of Japan’s primary food grain despite increasing costs.
Between March 10 and 12, the Ministry of Agriculture, Forestry, and Fisheries sold approximately 142,000 tons from their reserves. Nearly 94% of this was bought by the National Federation of Agricultural Cooperatives. These products might be available in stores by the end of the month.
Experts suggest that if the discharge of reserves fails to bring down prices, the administration might have to release over the originally intended 210,000 tons.
Following a subpar harvest during the summer of 2023 because of elevated temperatures, which lessened the quantity of rice available for subsequent distribution, there was an increase in prices. Additionally, a significant surge in international visitors has boosted rice usage in eateries.
