Price increases reached a total of 32,396 products from 195 major food and beverage manufacturers in Japan in 2023, according to the Teikoku Data Bank, a research firm survey.
“The total food price increases of more than 30 thousand goods are unprecedented in the 30 years since the collapse of the Japanese bubble economy” in the 1990s. In 2022, the prices of 25,768 foodstuffs increased,” a Teikoku Data Bank official said.
Meanwhile, the number of items whose prices will rise sharply next year is expected to fall to around 15,000.
However, the official warned that prices for items might rise more than expected depending on cost factors and foreign exchange movements.
In 2023, price rises reached more than 5,000 products each in February, when major manufacturers raised frozen food prices, and April, when the prices of mayonnaise and other goods rose due to egg shortages.
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