Survey: Prices of over 7,000 food items in Japan to be raised

A survey by a private research firm has found that the cost of over 7,000 food and beverage items will go up in Japan this year.

Teikoku Databank says manufacturers are planning to raise prices for a total of 7,152 items between January and April.

That's up more than 50 percent from the same period last year. In particular, prices of more than 4,200 items are expected to go up in February. Researchers say consumers can expect more price hikes like they saw last October.

Mizuho Research & Technologies is equally downbeat in its assessment. It estimates spending on consumer goods for households of two or more people by the end of fiscal 2022 will increase by 735 dollars on average from the previous fiscal year.
The current fiscal year ends in March.

The firm's senior economist Sakai Saisuke says lower income families will likely continue to shoulder a heavier burden from the price hikes.

Sakai says wage increases are not catching up with the higher prices. He says he is concerned that this might dampen consumer confidence.