Shoppers in Japan have been facing rice shortages at retailers as the average wholesale price rose sharply in August to its highest level for the month.

The agriculture ministry says industry cooperatives sold all varieties of rice produced in 2023 to wholesalers at 16,133 yen, or 114 dollars, per 60 kilograms on average.

That’s a rise of 17 percent in yen terms from a year earlier. The price is the highest for August since the survey began with rice harvested in 2006.

Demand from inbound tourists increased, while the supply fell due to heatwaves in the summer of last year.

Many people bought rice at supermarkets to stock up for earthquakes and storms, leading to further shortages.

Japan’s agriculture minister, Sakamoto Tetsushi, told reporters on Tuesday, ” Once new rice becomes widely available and smooth distribution is promoted, the supply-demand balance will likely settle down, which will lead to more stable prices.”

The shortages are easing in Tokyo as newly harvested rice begins arriving in stores. But, prices are 50 percent higher than last year.

Published Date: September 18, 2024