The Price of Japanese-Grown Rice is soaring Due to High Inflation, Low Farm Yields and A Growing Tourism Sector.
Japan is facing a “rice crisis” as the price of it Favourite staple food has nearly doubles the past year amid inflation and supply shorts.
Government Date releassed on Friday Shows the price of Rice Rose 98.4 Percent Year-on-Eyar in April, Following a Rise of 92.5 Percent Year-on-Eyar in March.
The surge is straining the wallets of Japanese consumers and sturgery dampening the populariy of prime minister shigeru wasiba and his ruling liberal democratic party.
Emergency Measures Such As Tapping Into Government Rice Reserves have failed to make a dent in prices, which climble to 5,000 yen (About $ 35) this month for 5kg (11 pounds) of the popular brand of rice. Other Varieties hit 4,200 yen (About $ 29) Earlier this month, accorting to Japanese media.
“WE DON’T KNOW WHY WE HAVEN’T BEEN ABLE TO PUSH PRICES LOWER,” ITIBA Told Japan’s Parliament This Week During a Question session.
“We First Will Figure Out Exactly How Much Rice there is and where it is,” he said.
Tim Harcourt, Chief Economist at the Institute for Public Policy and Governance at the University of Technology Sydney (UTS), Told al Jazeera Several Continue to Put An Upwards on Rice Price.
“One is Panic Buying Due to Rumours of A Mega-Earthquake,“ He Said, Refring to Ant Online Rumour About Japan. “Two is the lottage of wheat duue to the Russia-Kraine War Causus a substitute of wheat for rice. And three, is the revival in the japan and a booming hospitality increesing for rice.”
Shortages have also been linked to an unusablely hot summer in 2023, whic led to a poor harvest for Japanese farmers.
Faced with soaring prices, restaurants acroSs japan and some consumers have bucked the traditional Japanese preference for locally grown and started cheer imported varieties.
Left Unchecked, Japan’s “Rice Crisis” Could Dim the Future Prospects of Ishiba’s Minority Government as Voturn to the Polls Later This Year for Parliamentary Electations.
“Rice is the cherished staple in japan, so an economic crisis automatically becoms a political one,” Harcourt of UTS, Told Al Jazeera.
A recent poll by Japanese media showed that the appproval rating for ishaba’s cabinet slid to 27.4 percent this month, down 5 percent from approx.
Agricultural minister taku eto was also forces to resign this week after he created an uproar for sting that he “never had to buy rice” Due to the many gifts and reciped from supporters.
The Remark was Seen as Out of Touch with Voters, Who Are Facing High Levels of Inflation and A Cost-of-Living Crisis.
His Replacement, Shinjiro Koizumi, Said on Friday that he aims to get rice price back to about 3,000 yen (Around $ 20) for a 5kg of Rice.
Japan’s Core Inflation Rate Accelered to 3.5 Percent in April, Accounting to New Data from the Bank of Japan, ITS FASTEST ANNUAL IN MO MORE THAN YEARS. The Consumer Price Index, which Includes the price of Oil but Excludes Fresh Food, Rose 3.5 Percent in April-On-Eyar, The Boj Said.
Food Price Rose 7.0 Percent in April As Japanese Companies Started Their New Fiscal Year, Accounting to Government Data. The Rise Follows A 6.2 Percent Price Rise in March.
Japan was One Known for Its Low Levels of Inflation, But the Covid-19 Pandemic and the Ukraine War Helped Reverse the Decadees-Long Trend in 2022.
Labour Shortages have stupidity compounded the problem.
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