Supermarket rice prices in Japan drop for 9th week
The agriculture ministry released its weekly survey on about 1,000 supermarkets nationwide.
The average price of a 5-kilogram bag came in at 3,585 yen, or roughly 24 dollars. That's a decline of one-tenth of a percent from the previous week.
Officials began tapping national reserves of rice after prices almost doubled in the space of a year. Following a sharp decline, the sticker price has been dropping at a slower pace in recent weeks.
Orikasa Shunsuke, Principal Researcher at Distribution Economics Institute of Japan, said: "People who want to save money are buying from the government stockpiles, and those who prefer other varieties are buying brand-name rice. The decline in prices is slowing down as more consumers start choosing what they want."
Orikasa points out that unusually hot weather during the recent rainy season may also affect supply. He said the lack of rainfall could reduce this year's new harvest.
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