Japan saw price hikes on over 30,000 food items in 2023

In 2023, price hikes hit over 5,000 items in each of February, when major makers raised frozen food prices, and April, when prices of mayonnaise and other goods rose due to egg shortages. About 4,760 items saw prices rise in October.

The pace of price hikes slowed toward the end of 2023 as makers became increasingly concerned about falling sales volumes. Prices for only 139 and 678 items increased in November and December, respectively.

According to the survey, households of two people or more cut spending on food by ¥3,685 per month, with a growing number of budget-minded consumers shifting to cheaper private brand items, or reducing the number of items they purchase.

In 2024, prices for 3,891 items, including olive oil and whisky, are set to rise by May.

Price hikes may result from growth in personnel costs associated with wage increases as well as a rebound in utility bills following the expiration of the government's subsidy program.

Another possible factor is a surge in logistics costs due to the so-called 2024 problem, linked to serious truck driver shortages that may arise from new overtime regulations.