Japanese rice price to wholesalers hits record high in October

The average price of Japanese rice sold to wholesalers by suppliers in October struck a record high on rising production costs, government data showed Tuesday, despite forecasts that the price would go down following the autumn harvest.

The transaction price of unpolished rice harvested this year, which could affect retail prices, rose 57 percent from a year earlier to 23,820 yen per 60 kilograms, the highest price since the Ministry of Agriculture, Forestry and Fisheries began the survey in 2006.

Rice prices have remained high in the country after the private-sector inventory dropped to its lowest level in a quarter of a century this summer, partly affected by strong demand for Japanese cuisine amid a boom in inbound tourism.

Higher rice prices have added to the pressure on households, which have been already been hit by rising energy, food and other living costs.

This article has been republished from The Japan Today.