Japan Rice Price to Wholesalers Surges to Another High
Tokyo, Feb. 19 (Jiji Press)--The average price of Japan's 2024 rice crop sold to wholesalers surged in January to hit a record high for the fifth straight month, the agriculture ministry said Wednesday.
The January average rose 69 pct from a year before to 25,927 yen per 60 kilograms of brown rice amid intensifying demand.
The ministry surveys and releases monthly the average transaction price, a key market gauge, between rice wholesalers and buyers dealing with farmers, such as the National Federation of Agricultural Cooperative Associations, or Zen-Noh.
Behind the record-breaking rise are intensifying competition among buyers since the serious shortage of the country's staple food in stores in summer 2024 and hoarding by those bullish about rice prices.
The ministry has decided to release 210,000 tons of rice from the government's stockpile because Zen-Noh and others are unable to procure enough rice, hindering smooth distribution.
(2025/02/19-21:15)
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