Arya News - Although this marked the first drop since Dec. 23-29, prices are still more than double the ¥2,106 recorded during the same week a year earlier.
TOKYO – The average retail price of rice sold at supermarkets between April 28 and May 4 was ¥4,214 per 5-kilogram bag, ¥19 lower than the previous week, the Agriculture, Forestry and Fisheries Ministry announced Monday, marking the first price decline in 18 weeks.
The decrease is believed to be linked to the wider distribution of government-held reserve rice. Whether prices will keep falling is a focus of attention.
Using purchase data from about 1,000 supermarkets nationwide, the ministry released average retail prices. Although this marked the first drop since Dec. 23-29, prices are still more than double the ¥2,106 recorded during the same week a year earlier.
Relatively inexpensive products believed to be stockpiled rice have begun appearing on supermarket shelves. The ministry notes that “more consumers may be choosing items blended with reserve rice.”
GRAPHICS: THE YOMIURI SHIMBUN
A major supermarket chain said, “We were able to increase the number of cheaper products blended with stockpiled rice, so prices have come down.”
However, another large chain noted: “We don’t really feel that prices are lower. Prices could stay high into the summer.”
The ministry has held three tenders for stockpiled rice, releasing a total of 310,000 metric tons in stages. The government plans to continue monthly releases through about July, and — because distribution is still limited — is considering easing tender requirements for participating companies.