Japan's rice prices hit record high

Tokyo: The average retail prices of rice sold at supermarkets across Japan rose to a new high, reaching 4,285 yen (about 29.97 U.S. dollars) per 5 kil...

Tokyo: The average retail prices of rice sold at supermarkets across Japan rose to a new high, reaching 4,285 yen (about 29.97 U.S. dollars) per 5 kilograms in the week ending May 18, official data showed Monday.

This marks a 17-yen increase from the previous week and the highest price since comparable records began in March 2022, according to data released by the Ministry of Agriculture, Forestry and Fisheries.

While prices had briefly declined between April and May, they have since resumed an upward trend.

Despite the government's recent release of reserve rice through auctions since March, the influx has not yet led to a decline in market prices.

The effectiveness of a new government initiative to sell stockpiled rice through negotiated contracts, rather than competitive bidding, is being closely watched as a possible measure to curb rising prices.