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Japan's agriculture ministry says retail rice prices are at all-time highs.

The average per 5 kilograms at about 1,000 supermarkets nationwide climbed to a record 3,650 yen, or 24 dollars, for the week through January 26.

That's up 79.7 percent from the same period last year. The average has been hovering over 3,000 yen since last September.

Rice producers and wholesalers in Japan expect prices for the staple to remain high.

The Rice Stable Supply Support Organization price outlook index for February through April rose to 77 in January. That's the highest since the data started being compiled 13 years ago.

The gauge reflects the views of 180 rice-related businesses nationwide based on demand, supply and prices.

The unusually hot summer of 2023 and increased demand following the COVID-19 pandemic have contributed to higher prices for rice.

Japan's agriculture minister, Eto Taku says rice from stockpiles reserved for emergency use will be sold swiftly.

Eto said, "We made the decision after examining the reality that there is not much rice in places where it is delivered to retailers." He also said, "If the government shows its stance, some people will try to distribute the rice, and as a result, prices could stabilize."
He added that the ministry plans to invite agricultural cooperatives and other distributers to bid for the rice. The timing and sales process details have not been decided.

The ministry eased its policy last month so it can sell the reserves in response to concerns about rice distribution. Before that, the government had released the stockpile only in response to extremely poor harvests or disasters.

This would be the first release of stockpiled rice aimed at ensuring smooth distribution.

Source : nhk