Japan faces a rice price crisis, prompting the government to release emergency reserves to stabilize the market. The price of rice has skyrocketed, reaching a 31-year high driven by inflation, heatwaves, and increased tourism. This situation mirrors the challenges faced by US consumers grappling with high egg prices due to a bird flu outbreak.
Rice, a culinary cornerstone in Japan , has witnessed a dramatic surge in prices, prompting the government to intervene with its strategic reserves to stabilize the market. Taku Eto, Japan 's agriculture minister, announced at a press conference Friday that the government will release up to 210,000 tons of rice designated for emergency situations.
According to a government survey cited by The Guardian, the average retail price for an 11-pound bag of rice in Japan reached 3,688 Japanese yen, equivalent to approximately $24, compared to around $13 last year. This price escalation contrasts sharply with the price in the US for the same quantity of rice, which stands at $11, according to the US Bureau of Labor.Data released by the Japanese government at the end of January revealed a staggering 70.7% year-on-year increase in rice prices in Tokyo, the capital city. The first tranche of 150,000 tons of government rice will be auctioned to wholesalers next month, with an anticipated arrival in retail markets by late March or early April. Eto expressed his hope that releasing rice from the stockpile would contribute to 'normalizing' the market and distribution channels.The price surge began last fall when the price of newly harvested rice in Japan climbed to its highest level in 31 years. A confluence of factors, including rising labor and fertilizer costs fueled by inflation, a summer heat wave, and a surge in demand from an unprecedented number of tourists, contributed to the price hike. However, Eto attributed the price escalation to a distribution bottleneck, asserting at the press conference that sufficient rice is being produced to meet market demand. US consumers are also grappling with soaring prices, notably for eggs. Egg prices in the US have reached unprecedented highs, primarily driven by a bird flu crisis that has decimated an estimated 7% of the national flock. Some US grocery stores have implemented restrictions on the number of eggs a shopper can purchase at a time, and the average price of a dozen Grade A large eggs in the US has soared to an all-time high of $4.95. Japan initiated its rice stockpiling program in 1995, following a major crop failure in the early 1990s. It typically only draws upon its reserves in response to unusually poor harvests or natural disasters. On Wednesday, Kazuo Ueda, the governor of the Bank of Japan, warned that food prices in the country could persist at elevated levels. He also stated that the bank was 'deeply aware' of the detrimental impact this was having on people's lives.
RICE PRICES JAPAN ECONOMY INFLATION FOOD CRISIS STOCKPILES DISTRIBUTION US EGG PRICES BIRD FLU
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