Japan rice prices hit record high amid shortage

Japan saw the average price of newly harvested rice surge by 48 per cent in September 2024 compared to the previous year amid higher production costs and stronger market demand, according to local media reports.

In September, the National Federation of Agricultural Cooperative Associations and suppliers sold unpolished rice to wholesalers at a record high price of 22,700 yen ($152) for 60 kg. This is the highest price since the government started tracking rice prices in 2006.

The Ministry of Agriculture, Forestry, and Fisheries attributed the sharp rise to increased payments made by agricultural cooperatives to farmers to offset rising production costs, particularly for fertilisers.

Attribution: Xinhua

Subediting: M. S. Salama