2024-03-29 11:41:26
April is expected to see a major price hike for the first time in six months, mainly for processed foods and seasonings. According to research firm Teikoku Databank, the total number of items was 2,806, nearly four times the number in March. Price increases, which had been calming down since November last year, are likely to accelerate once more, and household finances are likely to become increasingly difficult once once more.
◆ Impact of wage increases, another wave of price increases following summer
Kikkoman will raise the suggested retail prices of a total of 88 items, including sauces and Del Monte brand tomato ketchup, by 5 to 23 percent from the 1st. Fujiya will reduce the package contents of “Milky” and “Country Ma’am” in an effort to raise prices in real terms. Suntory will raise prices on more than 100 items, including imported alcoholic beverages and domestic whiskey, due to increased transportation costs and increased production equipment.
In non-food products, starting from the 22nd, Nippon Paper Crecia will raise the prices of 130 items, including tissues under the Kleenex and Scotty brands, by 5 to 10 percent. Major delivery companies will raise their prices by an average of 2% at Yamato Transport and 7% at Sagawa Express for the first time in a year due to factors such as higher prices for materials and fuel and improvements to working conditions.
On the other hand, some retailers are also improving their distribution methods through private brand (PB) products and lowering food prices. Aeon reduced the prices of 28 items such as “Topvalu” brand salad oil and mayonnaise on March 27th, and Ryohin Keikaku reduced the prices of 23 items of “Muji” brand retort pouch curry items on the 1st of the same month.
According to Teikoku Databank, raw material prices for processed foods have been stabilizing compared to 2022 and 2023. However, from April onwards, import costs are expected to increase due to the weaker yen, and labor costs are expected to increase due to wage hikes, and the person in charge believes that “there is a possibility that there will be another wave of price increases following the summer.” (Taro Suzuki)
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