TOKYO: Japan’s agriculture ministry said Wednesday that it will raise the prices of the imported wheat it sells to the private sector by 17.3 percent on April 1.

The weighted average of the prices of five wheat products will rise to 72,530 yen per ton, its second-highest level since comparable data became available in 2007, next only to 76,030 yen in October 2008.

The sharp increase comes as grain prices remain at a high level on the global market due partly to a drought-caused bad harvest in North America.

The higher wholesale prices will add to upward pressure on the already increasing retail prices of many bread and noodles products from around this summer.

Wheat prices are increasingly likely to rise further following the next price revision set for October, as the impact from the Russia-Ukraine crisis and global sanctions against Russia has only partially been taken into account.

JIJI Press