According to the Japan Imperial Database released on September 30th, the number of food items set to increase in price in October has reached 2,911, surpassing the 2,897 items in April. This makes October the month with the highest number of price hikes in 2023, primarily driven by the sustained rise in raw material costs.
Among the October price hikes, "alcohol and beverages," including plastic-bottled drinks, account for 1,362 items, nearly half of the total. "Processed foods" follow with 673 items, with notable increases in ham and sausages. "Condiments" have 301 items seeing price hikes, and "snacks" are up by 237 items. The steep rise in cocoa bean prices has particularly impacted chocolate products, with over half facing price increases.
For 2024, the primary reasons for price hikes include raw material costs, which account for 92.7%, followed by logistics costs at 68.6%. The depreciation of the yen and rising labor costs each contribute over 20% to the price hikes.
