Price of rice at Japanese retailers hits record for 17th consecutive week
The average price of rice sold at around 1,000 supermarkets across Japan in the week through April 27 hit its highest level on record since March 2022 for the 17th straight week, the agriculture ministry has said.
The average price for 5 kilograms of rice rose to ¥4,233 from ¥4,220 the previous week the ministry said Wednesday, with the price remaining at more than double the level seen a year earlier.
The government began releasing stockpiled rice in March, but this has failed to stem the increases in rice prices.
The government has been releasing 212,132 tons of stockpiled rice gradually following two rounds of auctions in March. Still, it is taking time for the rice to reach wholesalers and retailers.
The National Federation of Agricultural Cooperative Associations (Zen-Noh) bought 199,270 tons of rice in the auctions. As of Thursday, only 56,903 tons, or 29% of the total, had been shipped.
The government conducted a third auction from April 23 to 25 and plans to release stockpiled rice every month from May to July. The focus is on whether released stockpiled rice can be distributed smoothly and lead to a price reduction.
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