Price hikes for a number of items went into effect in Japan on Thursday, among them beer, butter and postcards.
A revision to the Liquor Tax Law regarding regulations that enabled excessive sales of alcoholic beverages at a discounted price will be enforced at supermarkets and major retailers. The new law will require mass merchandisers to raise the price of beer and happoshu (low-malt beer-like beverages) by about 10%.
Due to the rising price of raw materials, Meiji Holdings and Morinaga Milk Industry said they will subsequently increase the cost of household butter by 5 yen for shipments. Other butter manufactures are expected to raise their prices, too.
Japan Post Co will raise the price of standard postcards from 52 yen to 62 yen.
Furthermore, due to the increased cost of importing liquefied natural gas (LNG), 10 major electricity companies and four major gas utilities will raise rates from 20 yen to 65 yen. These increases are based on Japan’s fuel cost adjustment system that causes electricity and gas rates to fluctuate on a monthly basis.
Additionally, further financial burdens on households are forecast as major banks plan to increase the interest rates on mortgages.© Japan Today