Latest news with #foodprices
CTV News
7 hours ago
- Business
- CTV News
Promotions, tariffs, price hikes: What's driving your grocery bill
Despite the annual pace of inflation cooling last month, Statistics Canada says consumers continue to pay higher costs for groceries as food prices rose faster in April than they did the previous month. A sign advising that products from the U.S. affected by a tariff will be marked with a symbol at the shelf is seen beside a display of Canadian products in a grocery store in Ottawa, on Wednesday, April 2, 2025. THE CANADIAN PRESS/Justin Tang
Japan Times
11 hours ago
- Business
- Japan Times
Japanese customers brave the rain to line up for cheap, stockpiled rice
Iris Ohyama began sales of government stockpiled rice at two of its home center locations in Miyagi and Chiba prefectures on Saturday morning, marking the first time such rice — procured through a discretionary government contract amid sky-high prices for the grain — has been sold at a brick-and-mortar store. Despite steady rain, lines formed early outside the Unidy Matsudo Tokiwadaira store in Matsudo, Chiba Prefecture, where numbered tickets were distributed from 8 a.m., with a limit of one bag per person. The queue snaked from the store entrance around the building and into the parking lot, with around 100 people in line from 6 a.m. Some customers toward the front of the line began lining up as early as 8 p.m. the previous evening, according to Mao Takaoka, a company spokesperson. Sales began an hour later, with 5-kilogram bags priced at ¥2,000 ($14) before tax, less than half the average price in recent weeks. All of the 65 bags prepared for the day sold out quickly, with many leaving empty-handed. 'We came early because it's hard to pass up rice at this price,' said one woman in her 60s, who was waiting near the end of the line with a neighbor after arriving before 6 a.m. 'Of course we're a little worried about how it'll taste, but the cheapness matters more than anything. If it doesn't taste good, we'll just mix it with ice or cook it with lots of other things. There's always a way,' she added. Iris Ohyama signed a deal through its group company on Tuesday to purchase 10,000 tons of stockpiled rice, which it will receive over the next two months and sell in stages, both online and in-store. | Jessica Speed A man in his 70s cited rising costs of living as his reason for lining up early. 'Everything is so expensive these days,' he said. 'Sure, rice and gas prices are coming down a little, but everything else — vegetables, milk, daily essentials — just keep going up.' 'If the government doesn't step in and do more for the people, a lot of us are going to be in real trouble.' He also noted the strain of waiting in the cold morning hours. 'Honestly, I'd be happy if they started handing out tickets even earlier. Most of us in line are older folks. We're the ones who line up for things like this,' he chuckled, rubbing his hands to stay warm. Another man in his 70s, who began lining up at 5 a.m. after waking at 3:30 a.m., said the effort was worth it. 'It feels like I really pulled it off!' he said with a grin, clutching his bag. 'I haven't carried something this heavy in a long time.' He said he wasn't concerned about the rice being from the 2022 harvest. 'I won't know how it tastes until I try it,' he said. 'If I cook it a little longer and add some sake and mirin, it'll probably be fine.' 'I'm planning to eat some tonight,' he added. 'I'm really looking forward to it.' The in-store launch was originally scheduled for June 2, but was moved up after milling operations finished ahead of schedule. 'We wanted to be first to market and get the product out to our customers,' Nobuo Tanaka, head of Iris Ohyama's general affairs department, told reporters Saturday. 'We were also first to sign a discretionary contract and begin milling.' Tanaka said the ¥2,000 price point was based on levels from about two years ago. 'This price has had a big impact, and drawn a lot of attention.' People line up for the chance to buy rice released from a government stockpile on Saturday in Matsudo, Chiba Prefecture. | Jessica Speed The early rollout follows strong online demand. The company's entire online preorder allotment sold out in about 45 minutes after starting at 1 p.m. on Thursday, according to a report from NHK. The company began receiving deliveries that same day and immediately launched milling and packaging operations, with the first packages being shipped out on Friday, ahead of schedule. Iris Ohyama signed a deal through its group company on Tuesday to purchase 10,000 tons of stockpiled rice, which it will receive over the next two months and sell in stages, both online and in-store. The company also beat Ito Yokado by a narrow margin to be the first to provide rice to customers. Ito Yokado launched last-minute sales at its Omori branch in Tokyo's Ota Ward, with sales starting at 10 a.m. Separately, the agricultural ministry on Friday reopened applications for the discretionary sale of 80,000 tons of stockpiled rice from the 2021 harvest, targeting small-scale retailers such as independent grocers and supermarkets.
Malay Mail
a day ago
- Business
- Malay Mail
How India's early, abundant monsoon could cool prices, fuel exports and drive another interest rate cut in June
MUMBAI, May 30 — India's weather office has forecast an above-average monsoon season for the second straight year in 2025, with the annual rains arriving at their earliest in 16 years. The rains have spread to nearly half the country ahead of schedule, after hitting the coast of the southernmost state of Kerala on Saturday, or eight days earlier than usual. Why is the monsoon crucial? The monsoon brings about 70 per cent of the annual rains in a nearly US$4-trillion economy, to which agriculture, employing more than half of a population of 1.4 billion, contributes about 16 per cent. While the rains are vital for key crops such as rice, wheat, sugarcane, soybeans, and cotton, their influence affects the wider economy, fuelling overall growth while limiting food price inflation, and eventually, lending rates. Bigger harvests could also ease export curbs on sugar, and allow greater exports of staples such as rice and onions. Conversely, drought requires food imports and export curbs. Farmers earning more from larger crops tend to spend more on appliances and jewellery in the subsequent festival and wedding season, boosting consumption. How are inflation and central bank policy affected? Food makes up nearly half of India's consumer price index, closely watched by the central bank in deciding monetary policy. Rainfall above the average in 2024 helped rein in food prices, allowing the Reserve Bank of India (RBI) to cut lending rates. This year's forecast of above-average monsoon rains will provide comfort to the RBI, which is likely to cut interest rates on June 6 for a third consecutive meeting and once more in August to speed growth. What is the immediate impact of early arrival? The early monsoons alleviated sweltering temperatures nationwide near the end of summer, when power utilities struggle to satisfy demand for more air-conditioning and irrigation of standing crops. The sharp drop in temperatures cut electricity consumption, briefly pushing down prices to near zero on power exchanges. Sales of cold drinks and ice creams also began tapering off nearly three weeks earlier than expected. The rain is replenishing reservoirs in southern and western India, allaying supply concerns at a time when water typically runs low. Which crops will benefit? With the monsoon arriving nearly two weeks early in some areas, farmers will bring forward the sowing of crops such as paddy, cotton, soybean, and pulses. All crops will benefit from above-average rain, but more particularly thirsty ones such as rice and sugarcane. Crop yields depend not only on the volume of rainfall but also its spread during the four-month season. Excessive rainfall or prolonged dry spells could crimp yields. — Reuters
Japan Times
2 days ago
- Business
- Japan Times
Prices to rise for 1,932 food products in Japan in June
Prices are set to rise in Japan in June for 1,932 food products and beverages made by 195 major makers, research company Teikoku Databank said Friday. The number, which is three times the year-before level, marked the sixth consecutive month of increase, boosted by rising prices of rice. Over 100 products will have higher price tags due to the increased prices of rice. Toyo Suisan plans to raise the recommended retail price of its Attaka Gohan packaged precooked rice product to ¥253 ($1.76) from ¥217 before tax, while Ajinomoto will raise the shipment prices of six retort-pouch rice porridge products and other rice-related products by 10% to 11%. It is "highly likely" that food and beverage prices will increase for over 20,000 items in total this year, exceeding the level for the first time since 2023, a Teikoku Databank official said. Behind the prediction are continued upward pressure on distribution and labor costs, and high raw material prices.
Japan Times
2 days ago
- Business
- Japan Times
Tokyo prices rising most in two years keeps BOJ on hike path
Prices in Tokyo jumped the most in two years on surging food costs, keeping the Bank of Japan (BOJ) on track for another rate hike in the coming months. Consumer prices excluding fresh food rose 3.6% in the capital in May from a year earlier, accelerating from 3.4% in April, the internal affairs ministry said Friday. The increase, which outpaced economists' median forecast of a 3.5% gain, was the biggest since January 2023. Overall inflation came to 3.4%, matching a revised 3.4% in April. The readings were partly distorted by policy-related factors, including the fading impact of last year's school fee cuts. While Tokyo's consumer price index (CPI) figures serve as a leading indicator for national inflation trends, the high school subsidies were in effect only in the capital. A main driver in the latest figures was prices for foods other than fresh produce, for which gains accelerated to 6.9% from 6.4% in the previous month. Gains in rice prices held roughly steady at 93.7%. Food price hikes "have pushed down real wages, which is negative for the economy. From a monetary policy perspective, the BOJ likely views it as stronger than on track,' said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. Against the backdrop of recent trends, the latest price data will likely keep the BOJ on track for another rate increase in coming months. Figures last week showed that national inflation has stayed at or above the BOJ's 2% target for three years, and Gov. Kazuo Ueda said this week that the bank is closer to achieving its target than at any other time in the last three decades. The BOJ warned of potential spillover effects from hot prices for food in its latest outlook, saying, "With regard to the recent rise in food prices, such as rice prices, even when price rises themselves mainly result from weather conditions, attention is warranted on the possibility that these rises may induce second-round effects on underlying CPI inflation through changes in household sentiment and inflation expectations.' The BOJ next sets policy at the end of a two-day meeting on June 17, when it is widely expected to leave interest rates unchanged while updating guidance on plans to scale back its government bond purchases. Markets anticipate the bank will continue its gradual quantitative tightening beyond April 2026. The food price gains are a worrisome sign for Prime Minister Shigeru Ishiba ahead of a summer election expected to be held by July. Persistent increases in living costs have fueled public discontent in Japan, weighing heavily on support for Ishiba, whose approval rating has fallen to its lowest level since he took office in October. A majority of surveyed respondents cited economic issues as their top concern. Newly appointed agriculture minister Shinjiro Koizumi has pledged to halve the price of the staple grain to around ¥2,000 ($14) per 5 kilograms. To achieve this, the government is in the process of releasing 300,000 metric tons of stockpiled rice into the market at a fixed wholesale price of about ¥10,000 per 60 kg. Market participants have responded favorably to initial steps on that front. The government has also taken other steps to soothe voters, unveiling a ¥900 billion stimulus package this week that will be funded through existing budget allocations and reserve funds. The package includes the reinstatement of utility subsidies from July through September. Energy prices weighed on the CPI gauge in May, with electricity price growth slowing to 10.8% from 13.1%. Service price growth picked up to 2.2%. The data are in line with the central bank's assessment in its latest outlook that the economy has recovered moderately with pockets of weakness. A key risk obscuring the economic outlook remains U.S. trade policies. Ishiba and U.S. President Donald Trump spoke by phone for the second time in a week Thursday as Japan's premier pressed his case for exemptions from tariffs. Japan currently faces a 25% tariff on cars, steel and aluminum, alongside a 10% levy on all other goods that is set to rise to 24% in early July barring a trade agreement. Japan's chief trade negotiator Ryosei Akazawa will meet with his U.S. counterparts in Washington later Friday. Questions over the tariffs could deter the BOJ from hiking rates in the near term, according to Maruyama. "Just because inflation is on track doesn't automatically mean the bank can raise interest rates — it still needs to assess tariff impacts,' he said. "Prices being on track is definitely a necessary condition, but I don't think it's enough on its own to determine the timing of a decision.' Reflecting early signs of business anxiety, Japan's industrial production fell 0.9% in April from the previous month, according to the industry ministry. Economists had estimated a 1.4% decline. Manufacturers expect a 9% gain in output this month. In other data Friday, the jobless rate stood at 2.5% in April, the same as in the previous month, according to the internal affairs ministry. The job-to-applicant ratio held at 1.26, meaning there were 126 jobs available for every 100 job seekers, the labor ministry reported separately. Continued labor-market tightness is expected to keep upward pressure on wages as firms compete to hire and retain workers. That could help sustain a virtuous cycle of wage and price growth — a central aim of both the government and the BOJ as they pursue their respective policy strategies. Household sentiment remains fragile amid inflation and economic uncertainty. A separate report from the industry ministry showed that retail sales rose 0.5% in April from the previous month.
