TOKYO – The Prime Minister of Japan, Shigeru Ishiba, has mandated the rapid execution of initiatives to provide consumers with relief from surging food expenses, which includes an unprecedented distribution of stored rice to lower prices, a minister announced on Tuesday.
During a press briefing, Economy Minister Ryosei Akazawa stated that Mr. Ishiba had directed the cabinet to act swiftly with counteracting measures as the costs of rice, vegetables, and other essential living expenses have skyrocketed in the past months.
“The populace is enduring significant hardship and experiencing distress,” he noted, emphasizing that the heightened rice prices had been unforeseen.
The average sale price of rice harvested last year surged by 55% to 23,715 yen ($153) per 60 kg (132 lb) compared to the prior year, based on government statistics.
Last week, the agriculture ministry reached an agreement on a novel policy that would permit the government to sell stored rice to agricultural cooperatives under the condition that the purchasers would return the equivalent amount to the government within a year. This would mark the first occurrence of released stockpiled rice to reduce prices.
Specifics such as the sale price and timing remain to be determined, a ministry representative informed on Tuesday.
Consumer prices in Japan increased by 3.6% in December compared to the previous year, representing the largest spike in nearly two years, while the portion of households’ expenditure on food reached a four-decade peak last year. – Reuters
