Major producers of food and beverages in Japan are planning to raise prices for 3,615 items from June, while the total number of items that are expected to see price hikes will total some 8,400 this year, according to a poll carried out by Teikoku Databank.
“This summer looks to be a summer of price hikes,” The Japanese Times quotes the survey published by the credit research firm earlier in May. As a result, over 80% of the items set for price jumps from June onward will see the change take effect that month or in July.
The 105 food and beverage manufacturers that were surveyed have already increased prices on 4,770 items from January through May. The number includes a wide range of products from spices, vegetables, meat and fish to sweets and alcoholic drinks.
The price hikes are coming on the back of soaring energy costs as well as the growing cost of raw materials. The surging cost of wheat and cooking oil will reportedly raise the prices of 3,609 processed foods, such as ham, sausages, cup noodles, and frozen foods, with the average hike coming in at 13%.