Rice prices fall below ¥3,000 for first time in two years
The decline marked the fifth straight week that rice prices have dropped.
For the first time in over two years, the price of rice in Japan has dropped below ¥3,000 per 5-kilogram bag, according to the agriculture ministry. The average cost of a 5-kilogram bag across approximately 1,000 supermarkets fell to ¥2,971 last week, a decrease of ¥32 from the previous week and the fifth consecutive week of falling prices.
The decline in rice prices comes after a supply shortage triggered a price surge during the summer of 2024, a situation known as the Reiwa-era rice crisis. In January, the average price of rice reached ¥4,416. However, recent improvements in supply-demand conditions, including the release of rice from government stockpiles and increased production, have contributed to the price drop.
While lower rice prices are beneficial for consumers, they raise concerns for farmers who may struggle to cover production costs. Agriculture Minister Kazuo Yana expressed concern over the situation, stating that it is becoming "extremely difficult and simply unacceptable" for farmers trying to stay in business.
The price of brand rice, which makes up 85% of total sales volume, fell ¥35 to ¥2,988, while the price of cheaper blended rice decreased by ¥34 to ¥2,866. In August, rice harvested and sold to wholesalers saw its price drop for the first time in two months, with 60 kg of unmilled rice averaging ¥31,556, a decrease of ¥930 compared to the previous month. This downward trend is evident in both retail and business-to-business transactions involving rice.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
