More Food items see price hikes in Japan in 2023 than previous year: survey

TOKYO, June 30 (Xinhua) -- Credit research company Teikoku Databank Ltd. in a survey released on Friday said that price increases in Japan for over 29,000 food and beverage items for 2023 have been decided so far.

It said that the price hikes decided on will likely be higher than 2022 for around 35,000 food and beverage items.

The company also said that the increase in prices would hurt households already under the pressure of numerous price hikes as a result of surging inflation.

By October, the research firm forecast the number of items that will have their prices hiked to be 29,106, as more and more stores continue to pass on their higher raw material costs to consumers.

The survey said October's projection is likely to top the total number of hikes for 2023, which stood at 25,768.

The survey also mentioned prices for more than 3,500 items will rise in July, saying prices for bread products would spike substantially as a reflection of growing import costs for raw ingredients and energy products for resource-poor Japan.

Looking ahead, the survey, based on data from 105 major food and beverage companies listed on stock exchanges and 90 unlisted companies, said that more price hikes are on the cards beyond November, if the yen's recent weakness continues to further inflate import costs.