Economy

Price hikes to affect over 7,000 food, drink products in early 2023

Courtesy of Ajinomoto Frozen Foods Co.
A pack of frozen dumplings that will experience a price hike early next year.

The Yomiuri Shimbun

14:17 JST, December 26, 2022

The price of many food and beverage products will rise early next year by an average of 18% between January and April next year, according to a survey of 105 major companies compiled by credit research firm Teikoku Databank, Ltd. as of Wednesday.

Price hikes will affect 7,152 items, more than 1.5 times the number from the same period this year, with some products such as frozen and wheat-based foods seeing a further increase.

Original figures compiled as of the end of November showed that 4,425 items would be affected by price hikes. However, the last 20 days has seen the number of products rise by 1.6 times. Manufacturers are believed to have pushed forward with further price increases in the face of higher costs in areas such as materials, transportation and labor.

February will see price hikes in 4,277 items, the largest number in a single month and the biggest since October, when 6,699 prices increased. Ajinomoto Frozen Foods Co. will raise prices of dumplings and other frozen foods between 6% and 16%, while Nissui Corp.’s shipping costs for products including frozen foods and bento meals will increase between 6% and 25%.

Many frozen foods, wheat products, canned seafood, and fish cakes will experience price hikes again despite increases earlier this year. A total of 20,822 items are expected to see price hikes by the end of this year, with an average price increase of 14%.