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Food prices rising in Japan; cooking oil up 1.5-fold on year

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It's only just begun.

1 ( +13 / -12 )

It just part of plan from new capitalism

https://japantoday.com/category/politics/candidate-in-japan-race-calls-for-new-capitalism-recovery

6 ( +10 / -4 )

Yet according to the BoJ, somehow the inflation rate is supposedly not yet 2%.

5 ( +7 / -2 )

Prices are up but wages are not.

12 ( +16 / -4 )

Rising food prices have been causing problems all around the world, with potentially disastrous consequences in countries such as Yemen or heat-struck India, which banned all food exports a few weeks ago.

I'm not an economist, but our reliance on crude oil in 2022, after decades of knowledge about its unsustainability and vulnerability to market fluctuations might well go down as one of the most catastrophic legacies of our time. And so is our inaction on climate change, which is incredibly damaging to agriculture and might make the current crisis seem like a walk in the park compared to future crises.

6 ( +13 / -7 )

The Japanese will as usual just gaman themselves

-5 ( +12 / -17 )

My Margarine cost 1.25, Spaghetti about a dollar,Bread .93

0 ( +2 / -2 )

"Food and other prices will continue to increase until the impact of the weak yen and high crude oil prices could subside as early as this fall," said Koya Miyamae, a senior economist at SMBC Nikko Securities Inc

….

No.

Prices will continue to rise due to China opening up and consumption there increases.

-2 ( +2 / -4 )

As mentioned before, this is a crisis that could have been prevented, plague and war can make prices rise, but if the governments of the world reduced their dependency on oil and more efforts were done to develop cleaner energy options and more efficient agriculture this would not have such a disastrous effect.

The worst thing is that the situation may get much worse before improving.

-1 ( +12 / -13 )

eat less karage and more yaki sakana. Saba is still cheap~

-2 ( +7 / -9 )

My union is planning to demand higher wages now for exactly this reason. Our last pay raise was 14 years ago!

14 ( +15 / -1 )

Japan is about to become a developing country at this rate.

-4 ( +12 / -16 )

Higher wages, now demanded by all, will now turbo-charge inflation. The toxic spiral is up and running. Nationalist economics usually works like this. When the going gets tough, they just start wars to take everyone's mind off it, turning poverty and hunger into noble, patriotic sacrifice. So, best invest in any company that makes military stuff. You'll be able to afford food with the profits (if you can dodge the bombs).

0 ( +6 / -6 )

@virusrex

I am very curious what you think "more efficient agriculture" is.

2 ( +4 / -2 )

No more mayonnaise smoothies :-(

0 ( +1 / -1 )

Margarine is full of hydrogenated oil and all of Japan's cooking oils are derived from seeds and highly processed. They are toxic and harmful to the body and the endocrine system causing inflammation and a plethora of other maladies unbeknownst to the Japanese.

2 ( +11 / -9 )

Oh, is that all?

-2 ( +1 / -3 )

be ready as all of us need ay dearly for unecessary gov spending like subsidies for petrol,costs of occupying US army,new shopping of guns for JSDF and list goes on...soon Sapporo olympics...so just work hard for same money or even less,oay more for taxes and living costs and be happy and shut up.This is jp gov "plan"

-4 ( +4 / -8 )

The gold standard USDA World Agricultural Outlook report for June has ending stocks of wheat and oilseeds heading lower in '22/'23 so high prices for those are likely to be sustained. Other crops like rice and corn are for higher ending stocks so prices should moderate.

-1 ( +0 / -1 )

A lengthy investigation by the Unite, a British Union, has shown that inflation began in October 2021 and was caused by profiteering and price-gouging by companies. Profit margins of major companies in 2021 jumped 73% over the previous year while wages for workers have actually fallen in real terms in the last 3 months.

The UK seems to be slightly behind the US curve of corporate inflation profiteering, which implies Japan is even further behind. It will only get worse, as a poster above says.

https://www.unitetheunion.org/

5 ( +9 / -4 )

Well since we have an excess of milk, why not start creating more butter so that we may purchase them cheaper? I wasn't buying margarine before and now that prices are higher, I will probably never buy any.

1 ( +3 / -2 )

If you use so much oil that it matters you have a separate problem..

As for mayonnaise, I'm hoping the price increase means some stores will stop including globs of it on every kind of bread, sandwich, or hamburger, etc. Mayonnaise is a source of trauma for me since living in Japan...

6 ( +9 / -3 )

There was a cute girl I used to kinda like until our conversation turned to mayonnaise: she preferred the Japanese style; I, the American. That was the end of that.

3 ( +5 / -2 )

Seriously, without my cooking oil, I don’t know…

-1 ( +1 / -2 )

It would help if Putin would end the blockade of Ukrainian ports.

-2 ( +3 / -5 )

The higher food prices, should lead to less food waste, and more people growing their own food.

And already farmers are starting to diversify from rice and are starting to grow wheat.

We are already self-sufficient in eggs, milk and much of our fruit and vegetables. With urban farming, and so much empty farmland in Japan, opportunities for others to grow food are almost limitless.

2 ( +3 / -1 )

We get cooking oil for free for use in our car that runs on waste veggie oil.

So far we haven't noticed any change in supply ....

-1 ( +0 / -1 )

@Laguna

There is actually a Kewpie mayo boom in western countries with it being served at many high quality gourmet restaurants.

1 ( +2 / -1 )

All of these commodities were grow last season. Contract agree on. Today present economic as no bearing on last year cost of contract. These companies are simple taking advantage base on today market price which will not reach the stores until 3 months after harvest. They are simple ripping us off on yesterday price and place today futures pricing on todays good.

0 ( +2 / -2 )

…and yet the sheep will still vote LDP.

-2 ( +2 / -4 )

My local baker honestly explained that he had a stock of flour and sugar and wouldn’t raise prices until his wholesaler raised their prices and even then he said that he would just tweak his products without raising prices-an honest baker….

1 ( +2 / -1 )

@John-San

Incorrect. Japanese millers place orders with MAFF. MAFF issues offers for tender regularly throughout the year as needed. Futures contracts, like spring wheat in Minneapolis, typically have 5 trading months; Sep, Dec, Mar, May Jul. A farmer who enters into a delivery contract will place a hedge in the futures market to offer some price protection from a sell off and to be able to capture some of the upside if the market goes to the moon. Grain buyers on the other side of the delivery contract will do likewise. Grain importers like Bimbo can also hedge in the market. Less than half of the world production is priced before harvest and there is always wheat being harvested somewhere in the world.

MAFF never prices grain before it issues tenders and is subject to the going market price.

-1 ( +0 / -1 )

CEOs of JP Morgan and Vanguard said that the inflation will go on for many years to the point that a day’s wage (Universal Basic Pay proposed by the WEF guys) can only buy a single meal. This will be the cost of living during the first half of the seven-year tribulation after the church has been raptured. Don’t be left behind. Repent and trust Jesus as your savior today.

-2 ( +0 / -2 )

@virusrex - lecturing to those who has no control over prices will do nothing.

In USA inventories are sky high from hoarding and market manipulation, google Cathie Wood's view on this, she has raw data because she owns shares in these companies.

Similarly, there are nations hoarding Russian oil, which means they won't buy Saudi oil, the same thing is repeated over and over.

In Australia, there shouldn't be any reason why a lettuce should cost $15 prompting KFC to substiture cabbage in their menu, it's exploitation.

The finger should be pointed at all the middle men, and logistic companies out there helping with the inventory manipulation and hoarding.

0 ( +2 / -2 )

CEOs of JP Morgan and Vanguard said that the inflation will go on for many years to the point that a day’s wage (Universal Basic Pay proposed by the WEF guys) can only buy a single meal. This will be the cost of living during the first half of the seven-year tribulation after the church has been raptured. Don’t be left behind. Repent and trust Jesus as your savior today

Delirium.

-1 ( +2 / -3 )

CEOs of JP Morgan and Vanguard said that the inflation will go on for many years to the point that a day’s wage (Universal Basic Pay proposed by the WEF guys) can only buy a single meal. This will be the cost of living during the first half of the seven-year tribulation after the church has been raptured. Don’t be left behind. Repent and trust Jesus as your savior today.

Your fictitious saviour will help nobody.

-2 ( +1 / -3 )

Yet our paychecks remain the same.

1 ( +4 / -3 )

All the other factors people cite are contributory only. Main cause is ridiculous money printing by main central banks around the world. the fact that Kuroda is totally flummoxed by the drastic fall in the yen is just amazing. And the fact that BoJ wants to continue to print and try manage the yield curve will only lead to further yen weakness. This is coming for the dollar soon as well.

3 ( +4 / -1 )

It's time to invest in food. Stocks don't get high but food price becomes high.

3 ( +3 / -0 )

CEOs of JP Morgan and Vanguard said that the inflation will go on for many years to the point that a day’s wage (Universal Basic Pay proposed by the WEF guys) can only buy a single meal. This will be the cost of living during the first half of the seven-year tribulation after the church has been raptured. Don’t be left behind. Repent and trust Jesus as your savior today.

Lol

-1 ( +1 / -2 )

Lets also keep in mind that wages in Japan have remained stagnant for the past 30 years. The nation has not recovered from 3 years of corona and then to be hit by this with little and no help from the government.

-3 ( +5 / -8 )

This year is gonna be hard but next year it may become better.

1 ( +1 / -0 )

@Sh1mon M4sada

Where do you get your information from? US inventories of grains and oilseeds are not sky high and nothing is being hoarded. Ending stocks are projected to be down 20,000,000 tons in the US.

0 ( +0 / -0 )

You can buy all purpose flour for 1.50 ,the US throw away enough food to feed NK, everyday for free,I saw some Chinese,they were skinny,look like they have not eaten in a while

0 ( +0 / -0 )

So why the official inflation rate is just 2% according to the BOJ?

0 ( +0 / -0 )

I don’t understand why Japan puts the inflation target on top of everything.

In fact, many indexes need/worth to be monitored at the same time.

0 ( +0 / -0 )

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