Rice Prices Keep Surging in Japan
(MENAFN) Rice prices in Japanese supermarkets climbed to an average of 4,217 yen (around 30 U.S. dollars) for a 5-kilogram bag during the week ending April 13, according to official figures released on Monday.
This price reflects a 3-yen rise from the previous week and marks the 15th week in a row that rice prices have gone up, based on data from the Ministry of Agriculture, Forestry, and Fisheries.
Even with the government's efforts to stabilize the market by releasing stockpiled rice, prices continue to remain elevated. Experts believe a significant portion of the rice from a recent auction last month is still in the supply chain and hasn't reached supermarket shelves yet.
Back in February, the government announced for the first time that it would tap into its emergency rice reserves to help stabilize distribution and curb the rising costs.
The initial auction for 140,000 tons of rice took place in early March. Since prices have yet to fall, the government has committed to releasing more of its stored rice each month through July.
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