Japan.. Expectations for higher prices of 35 thousand food products at the end of the 2023

Official statistics have revealed that consumers in Japan will see prices of 3,0009 food products and beverages rise by October, as retailers charge consumers with the high costs of protecting their profits.

In its recent report, TICOCO Data Bank Ltd stated that the total number of food and beverages, including rises in the coming months, exceeded the total number of products in 2022 of 25,000 and 768.

The company maintained its full-year forecast for prices of about 35,000 food and beverages, and said October was expected to see the highest price rises.

The burden on families had reduced purchasing power, making it increasingly unlikely that companies would continue to raise prices at such a rapid pace as that would reduce demand.

KOTC cited increases in electricity prices and labour costs, and the weak Japanese yen leading to increased imports, as factors that would result in further price increases.