Latest news with #riceprices
NHK
10 hours ago
- Business
- NHK
Higher rice prices driving up Japan's CPI
High rice prices continued to drive up consumer inflation in Japan in May. The country's staple crop more than doubled in price for the first time compared to the same month a year earlier. The internal affairs ministry says the 101.7 percent jump in the price of rice was the highest since the government started keeping comparable data in 1971. It was 3.3 points higher than in April, extending a record for the eighth straight month. Consumers in Japan have continued to pay more for popular rice-based dishes. Onigiri rice balls were up over 19 percent and restaurant sushi rose more than 6 percent. Overall, Japan's Consumer Price Index, excluding prices for fresh food, rose 3.7 percent in May from a year earlier. That's two-tenths of a percentage point higher than in April, and it was the sixth straight month of a reading of 3 percent or above.
Japan Times
13 hours ago
- Business
- Japan Times
Japan's prices climb by most in two years ahead of election
Japan's key consumer inflation measure accelerated to a fresh two-year high as Prime Minister Shigeru Ishiba gears up for a summer election and the Bank of Japan mulls the country's price trajectory. Consumer prices excluding fresh food quickened for a third month to 3.7% from a year earlier in May, according to an internal affairs ministry's release Friday. That's the fastest pace since January 2023 and above a 3.6% median estimate of surveyed economists. Food inflation was again a major driver with the price of rice, the nation's staple food, jumping 102% from a year earlier. Service prices — a metric closely watched by the BOJ — rose 1.4% from a year earlier, slightly more than 1.3% in April. The report comes as Ishiba's minority government and opposition parties debate how to reduce the pain of rising living costs, which contributed to the ruling party's biggest election setback since 2009 last fall. Elevated price growth has also supported the Bank of Japan's posture for a rate hike as it awaits clarity on U.S. tariff measures and their economic impact. Japan's inflation has been running at the fastest pace among Group of Seven nations of late, and has stayed at or above the BOJ's 2% target for more than three years. With an Upper House election expected to be held on July 20, Ishiba has pledged cash handouts to households, while opposition parties are calling for a first-ever cut to Japan's sales tax. To quell public discontent from soaring rice prices, the government has taken a host of measures to bring down the cost of the grain, helping prop up its popularity from a record low in a local media poll.
CNA
13 hours ago
- Business
- CNA
Rice prices double as Japan's core inflation hits 3.7%
TOKYO: Japan's core inflation rate accelerated to 3.7 per cent in May, official data showed on Friday (Jun 20), posing a threat to Prime Minister Shigeru Ishiba's leadership ahead of July elections. Rice prices were more than twice as high as they were a year previously, despite the government releasing its emergency stockpile of the staple grain. Frustration over inflation threatens to deal a blow to Ishiba's ruling Liberal Democratic Party next month, when an election for parliament's upper house is due. Friday's data, which excludes volatile fresh food prices, beat market expectations and was up from the 3.5 per cent year-on-year rise logged in April. Prices rose for a variety of food products, including non-fresh items, ranging from coffee to chocolate. Electricity bills were 11.3 per cent more expensive, and gas fees rose 5.4 per cent. Ishiba has pledged cash handouts of 20,000 yen (US$139) for every citizen – doubling it for children – to help households combat inflation ahead of the July elections. The race is crucial to Ishiba after public support for his government tumbled to its lowest level since he took office in October, which observers say was partly caused by a surge in inflation and soaring rice costs. Rice shortages, caused by a supply chain snarl-up, mean the price of the grain was up 101 per cent in May, compared to the eye-watering 98 per cent rise seen in April. The government began releasing stockpiles in February in an attempt to drive down prices – something it has only previously done during disasters. A mosaic of factors lies behind the rice shortages, including an intensely hot and dry summer two years ago that damaged harvests nationwide. Since then some traders have been hoarding rice in a bid to boost their profits down the line, experts say. The issue was made worse by panic-buying last year, prompted by a government warning about a potential "megaquake" that did not strike. Going forward, US tariffs are expected to weigh on Japan Inc, with economists predicting a slowdown ahead. Intensifying fighting between Iran and Israel was also adding pressure for energy prices to head north, posing a further risk to the Japanese economy. Earlier this week the Bank of Japan kept its interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world's number four economy.
Malay Mail
13 hours ago
- Business
- Malay Mail
Rice crisis fuels voter rage as Japan's core inflation hits 3.7pc
TOKYO, June 20 — Japan's core inflation rate accelerated to 3.7 per cent in May, official data showed today, posing a threat to Prime Minister Shigeru Ishiba's leadership ahead of July elections. Rice prices were more than twice as high compared to a year previously, despite the government releasing its emergency stockpile of the staple grain. Frustration over inflation threatens to deal a blow to Ishiba's ruling Liberal Democratic Party next month, when an election for parliament's upper house is due. Today's data, which excludes volatile fresh food prices, beat market expectations and was up from the 3.5 per cent year-on-year rise logged in April. Prices rose for a variety of food products, including non-fresh items, ranging from coffee to chocolate. Electricity bills were 11.3 per cent more expensive, and gas fees rose 5.4 per cent. Ishiba has pledged cash handouts of ¥20,000 (RM585) for every citizen — doubling it for children — to help households combat inflation ahead of the July elections. The race is crucial to Ishiba after public support for his government tumbled to its lowest level since he took office in October, which observers say was partly caused by a surge in inflation and soaring rice costs. Rice shortages, caused by a supply chain snarl-up, mean the price of the grain was up 101 per cent in May, compared to the eye-watering 98 per cent rise seen in April. The government began releasing stockpiles in February in an attempt to drive down prices — something it has only previously done during disasters. A mosaic of factors lies behind the rice shortages, including an intensely hot and dry summer two years ago that damaged harvests nationwide. Since then, some traders have been hoarding rice in a bid to boost their profits down the line, experts say. The issue was made worse by panic-buying last year prompted by a government warning about a potential 'megaquake' that did not strike. Going forward, US tariffs are expected to weigh on Japan Inc, with economists predicting a slowdown ahead. Intensifying fighting between Iran and Israel was also adding pressure for energy prices to head north, posing a further risk to the Japanese economy. Earlier this week the Bank of Japan kept its interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world's number four economy. — AFP
Japan Times
a day ago
- Business
- Japan Times
Ishiba Cabinet approval rate improves to 27%, poll shows
The public approval rate for Prime Minister Shigeru Ishiba's Cabinet climbed to 27.0% for the month of June, rising for the first time in four months, a Jiji Press opinion poll showed Thursday. The figure was up 6.1 percentage points from May, likely reflecting measures that were taken to combat soaring rice prices under new agriculture minister Shinjiro Koizumi. Meanwhile, the disapproval rating fell 4.5 points to 48.4%. The survey found that 63.8% backed Koizumi's initiatives, including those related to the release of government-stockpiled rice, while 17.9% did not. An increase in rice production in Japan, which Koizumi has expressed a desire to achieve, was supported by 84.3% and opposed by 3.1%. Meanwhile, 25.4% were in favor of increasing rice imports, and 52.5% were against it. Asked about the election of the House of Councilors, the upper chamber of parliament, which is expected to be held in July, 37.3% expressed hope that the ruling Liberal Democratic Party and its coalition partner, Komeito, will maintain a majority in the Upper House, while 34.3% favored a majority for opposition forces. Among reasons for supporting the Ishiba Cabinet, 10.7% cited a lack of suitable alternatives, 8.0% expressed trust in the prime minister and 4.8% supported the LDP. On the other hand, 25.3% of those who did not support the Cabinet said they had no expectations, 17.4% criticized its leadership, and 16.7% disapproved of its policies. The interview survey, conducted over four days through Monday, covered 2,000 people aged 18 and over in Japan. Valid responses came from 58.1%.
