The government’s decision to release stockpiles of rice has failed to stem surging prices of the Japanese staple in central Tokyo.
The price of a 5-kilogram bag of “koshihikari” rice was 4,363 yen ($29) in Tokyo’s 23 wards in February, up 178 yen, or 4 percent, from the previous month, according to retail price statistics released by the internal affairs ministry on Feb. 28.
It was the 10th consecutive month of increase since May 2024.
The February price was 1,922 yen, or 1.8 times, higher than the cost in the same month last year.
On Feb. 14, the agriculture ministry announced its decision to release 210,000 tons of rice from its emergency reserves to counter the soaring prices
Although the stockpiled rice will be available in supermarkets and other stores around the end of March, the ministry had hoped that just the announcement of the plan would push down prices.
However, rice prices remain high not only in grocery stores but also in futures and other inter-dealer trading.
There is a growing consensus within the industry that prices will remain high at least until the emergency rice hits store shelves.
The consumer price index for rice in Tokyo’s 23 wards was also released on Feb. 28, using 100 in 2020 as the base.
CPI for rice was 181.6 in February, the highest since 1970, when comparable figures became available. In fact, it was the fifth consecutive monthly record high.
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