TOKYO (Bernama-Kyodo): The average price of rice in Japan fell below 4,000 yen (US$27) per five kilograms (kg) for the first time in around three and a half months to 3,920 yen, the government said on Monday, with increased distribution of stockpiles likely helping to drive down prices.
According to Kyodo News Agency, during the seven days through June 15, the average price of rice sold at supermarkets across the nation fell by 256 yen per five kg from the previous week, dropping to the 3,000 yen range for the first time since the week ended March 2, according to the Ministry of Agriculture, Forestry and Fisheries.
Farm Minister Shinjiro Koizumi told reporters that the drop was due in part to the release of additional rice reserves, stating that “a clear message from the government is proving effective.”
The market share of blended rice, including reserve rice, rose six percentage points to 50 per cent.
Prime Minister Shigeru Ishiba has vowed to bring the average retail price of five kg of rice down to the 3,000 yen range by the end of June.
Last year, a household consumed 60.20 kg of rice, according to government consumer spending data. Even after the latest fall, the average price of rice remains nearly double that of a year earlier.
Japan’s core consumer prices in May rose 3.7 per cent from a year earlier, marking the biggest increase in more than two years, with rice prices setting a fresh record for the eighth consecutive month with a 101.7 per cent jump due to a supply shortage.
On Monday, meanwhile, measures were put into place prohibiting the reselling of rice bought at retail stores to ensure that consumers have access to rice at stable prices.
Under the ban, those who sell rice at a higher price than they paid face up to one year in prison or a fine of up to 1 million yen (US$6,767), or both. — BERNAMA-KYODO