Tokyo: Over 30,000 food and beverage items are subject to price increases in Japan this year as businesses continue to pass on higher costs from a weak yen and rising electricity fees to consumers, a survey by research firm Teikoku Databank Ltd. showed Wednesday.

Consumers are facing “an unprecedented rush of price hikes” this year, Teikoku Databank said, noting that prices for around 35,000 food and beverage items may rise in 2023, up by more than 10,000 from the previous year.

The survey showed that 195 food and beverage makers have announced plans to raise prices for 30,009 items this year as of Wednesday, up from 29,106 items as of the end of June.

Prices for about 20,000 items had already been raised in the first six months of this year. Prices for some 10,000 items are now scheduled to rise in the second half, including 3,716 items in October, when the number may swell to around 8,000 to hit a peak of this year.

Price increases attributable to soaring materials costs are apparently running their course, Teikoku Databank said. But it said that hikes are expected to continue going into early 2024 due to rising labor costs.

JIJI Press