Food Price Hikes in Dec. Second Fewest for 2023

TOKYO (Jiji Press) — Prices for a total of 677 food and beverage items from 195 major Japanese makers will rise in December, the second smallest monthly total of price hikes this year, Tokyo-based research firm Teikoku Databank Ltd. said Thursday.

The number of items subject to price increases is expected to be no more than around 10,000 in the full year of 2024, down from over 32,000 items this year. So far, only 1,596 items have been confirmed to be subject to price increases next year.

In December, recommended retail prices will be raised by about 35 to ¥40 for a 200-gram pack of butter sold by Morinaga Milk Industry Co., Megmilk Snow Brand Co. and Meiji Co., respectively, from around ¥500, reflecting higher raw milk prices.