Japanese analysts have recorded a record increase in food prices in the country

In total, prices for 32,395 food products increased in 2023. At the same time, the average rate of price growth was 15%. In 2022, prices for 25,768 items in Japan increased by an average of 14%.

Analysts at Teikoku Databank note that in the middle of the year the upward trend in prices slowed down, including against the backdrop of consumer fatigue. “After the summer, the growth rate slowed down, and the number of goods that became more expensive this year did not reach the initially planned 35,000 units,” note the center’s specialists.

As for forecasts for 2024, Teikoku Databank believes that the rapid rise in prices should generally stop. Companies intend to increase prices by about 1.5 thousand food products in 2024, which is 80% less than in November 2022, when forecasts for 2023 were made.