In the context of rice scarcity in Japan, the authorities intend to sell part of the strategic cereal reserves to stop pricing, reports Bloomberg. At the end of last year, the price of cereals, which constitute the basis of the Japanese diet, increased by 60% per year in the country, writes the agency.
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The Japanese government has about 1 million tons in reserves, approximately one seventh of the country’s estimated annual consumption. The Minister of Agriculture, Taku Eto, said at a press conference on Friday that the Government will discuss the sale of the strategic reserves on January 31.
“Producers can oppose the measure, saying that the price of rice has finally risen enough to cover their inflated production costs. But I hope everyone understands that this decision will also benefit producers, since high prices can force consumers to stop eating rice, ”said Eto.
Rice prices increased 63.6% in November 2024 compared to the same 2023 period, according to the Ministry of Administrative Affairs and Communications of Japan. During the summer, natural disasters and bad harvests caused a shortage of rice in the country. This, in turn, caused an avalanche of purchases by the population and a strong increase in product prices.
On January 24, the Bank of Japan rose interest rates at 25 basic points up to 0.5%. This is the maximum value of the last 17 years. In particular, in its report on economic perspectives, the regulator pointed out the increase in risk prices as one of the indicators of inflation acceleration.
Author:
Anastasia Lipchanskaya
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
