Prices of 417 food products will be increased in Japan in May, research firm Teikoku Databank said in a study released Tuesday.
The figure for 195 major food and drink manufacturers is 50.2% lower than the 837 products a year earlier.
Although the figure fell for the fifth month in a row, the price increase rate averaged 31%, the highest since monthly statistics began in 2022.
Teikoku Databank expects prices for 15,000 products to rise in 2024, but now sees the possibility that price increases will spread further due to the weakening of the yen.
“If the dollar remains at levels above ¥155 for a long time, a wave of price increases reflecting the yen’s depreciation is expected to occur as early as this fall,” Teikoku Databank said.
In May, olive oil prices will rise sharply due to a poor olive harvest. Nisshin Oillio Group will increase the price of the 456 gram Bosco Extra Virgin Olive Oil by 50%. Prices for J-Oil Mills household products will increase by 32% to 66%.
Price increases are also noticeable for beverage items, mainly large products in polyethylene terephthalate or PET bottles.
Kirin Beverage will increase the suggested retail price of its 1.5-liter Gogo no Kocha tea product from ¥400 to ¥432. The price of Asahi Soft Drinks’ 1.5-liter Mitsuya Cider will increase from ¥400 to ¥421.
