Tokyo’s rice prices surge 90% in March on year: CPI data

Prices of rice in Tokyo jumped around 90 percent in March from a year earlier, with the government’s recent release of stockpiles having limited impact, consumer price data showed Friday.

The 89.6 percent increase, bigger than the 77.5 percent year-on-year growth in February, was the largest rise since 1971, when comparable data became available, according to the government’s preliminary data for Tokyo’s 23 wards.

Among prices of rice-related items, rice balls climbed 11.8 percent, “bento” boxed meals increased 8.4 percent, while those of sushi served at restaurants rose 8.7 percent, the Ministry of Internal Affairs and Communications said.

The price surges came even as the government started auctioning its stockpiles earlier this month to ease soaring prices of the Japanese staple.

The spike in rice prices followed a poor harvest in the summer of 2023 due to high temperatures that reduced the amount of rice available for distribution the following year. A sharp rise in foreign tourists has also driven up rice consumption at restaurants.

Core consumer prices excluding volatile fresh food rose 2.4 percent in Tokyo, the ministry said. The gauge is seen as an indicator of what to expect nationwide.

This article has been republished from The Kyoto News.