Latest news with #riceprices
CNA
08-07-2025
- Business
- CNA
BOJ's Koeda says she's keeping an eye on second-round effects from rice prices -Bloomberg
TOKYO :Bank of Japan board member Junko Koeda said she was keeping a close eye on possible second-round effects on underlying inflation from recent rises in the price of rice, Bloomberg News reported on Wednesday. In an interview conducted on Monday, Koeda said it was inappropriate to predict now how soon the BOJ could resume interest rate hikes due to uncertainty over the economic outlook, Bloomberg reported. "Recent hard data on inflation shows prices of rice and other food items are rising more than expected compared with the time of the BOJ's May meeting, so I am watching developments carefully," Koeda was quoted as saying. Such cost-push pressures from higher food costs are the main drivers of Japan's consumer inflation, which is moving around 3 per cent recently, she said. The BOJ's weighted median average, which is a key measurement of underlying inflation, remains short of the central bank's 2 per cent target, Koeda was quoted as saying. But Koeda added she was "keeping an eye out" on how price moves in Japan's staple rice could affect households' inflation expectations and underlying inflation, Bloomberg reported.
CNA
04-07-2025
- Business
- CNA
Philippine annual inflation quickens slightly, but no bar to more rate cuts
MANILA :Philippine annual inflation quickened slightly in June, driven by increased utility costs, but remained below the central bank's target range and left the door open for further interest rate cuts to support economic growth. The consumer price index rose by 1.4 per cent year-on-year in June, marginally above May's 1.3 per cent pace but below the median 1.5 per cent increase forecast in a Reuters poll. This brought the year-to-date average inflation to 1.8 per cent, below the central bank's 2 per cent to 4 per cent target for 2025. The slight price uptick last month was due to increases in housing, water, electricity, gas, and other fuel prices, which accelerated to 3.2 per cent from 2.3 per cent in May, the statistics agency said on Friday. This was partially offset by a record 14.3 per cent decline in rice prices, which helped ease food inflation. "Inflation is projected to remain below the lower end of the target in 2025, primarily due to the continued easing of rice prices," the central bank said in a statement. Core inflation, which strips out volatile food and energy prices, was unchanged at 2.2 per cent in June. BSP Governor Eli Remolona said on Thursday that low inflation could give the central bank room to cut rates two more times this year to help shore up economic activity amid growing external risks. The BSP cut its key policy rate for a second consecutive time in June, bringing it to 5.25 per cent, its lowest level in two and a half years. The next policy meeting is scheduled for August 28.
Japan Times
24-06-2025
- Business
- Japan Times
Price of rice in Japan falls below ¥4,000 per 5 kilograms
The average price of rice sold at about 1,000 supermarkets across Japan in the week through June 15 stood at ¥3,920 per 5 kilograms, slipping below ¥4,000 for the first time since the week that ended on March 2, the agriculture ministry said Monday. The average price was down by ¥256 from the previous week, declining for the 4th straight week and marking the first drop exceeding ¥100 since March 2022, when the ministry started releasing weekly rice prices. Prime Minister Shigeru Ishiba had aimed to push down rice prices to the ¥3,000-¥4,000 range by as early as mid-June. The significant drop likely reflected the distribution of government stockpiled rice released under discretionary contracts. Despite the fall, the average rice price was still ¥1,772 higher than that of a year earlier. Stay updated on Japan's rice crisis. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW Agriculture minister Shinjiro Koizumi told reporters on Monday that the country has "taken a step forward on a new stage toward curbing abnormally high rice prices." He added, however, "Just because the average rice price fell to the ¥3,900 range, it does not mean that we can relax our efforts." At the end of last month, major retailers started selling stockpiled rice released under discretionary contracts with the government at around ¥2,000 per 5 kilograms. The addition of smaller retailers, including smaller supermarkets, to the list of businesses selling the stockpiled rice further boosted the effectiveness of the government's measures to tackle soaring price prices.
Reuters
23-06-2025
- Business
- Reuters
Japan's retail rice prices fall below 4,000 yen, hitting prime minister's target
TOKYO, June 23 (Reuters) - Japan's average retail rice prices fell below 4,000 yen ($27) for the first time in four months, data showed on Monday, after the government released an emergency stockpile of rice to tackle food inflation ahead of a national election. The supermarket price of rice per 5kg dropped by 6.1% to 3,920 yen in the seven days to June 15, marking the fourth straight week of decreases to reach a level last seen in February, according to the farm ministry. With that, Prime Minister Shigeru Ishiba achieved a target set last month to bring the price of staple Japanese grain to below 4,000 yen. Rice prices have doubled since last year, creating a political challenge for Ishiba as he faces an upper house election in late July. The vote could be critical for his coalition's chances of survival, after it lost its majority in the more powerful lower house in October. Last month, a new farm minister ended a system of distributing emergency rice via auction and switched to discretionary contracts with retailers so that consumers would pay about 2,000 yen per 5kg. That stockpiled rice first became available through some retailers on May 31, selling out quickly. Rice prices leapt in part because of a poor-quality harvest due to extreme heat in 2023, which led to a shortage of rice in the market around the middle of last year. The spike in rice costs has driven Japan's food and overall consumer inflation in recent months, data has shown, complicating the Bank of Japan's rate hike schedule as economic pressure from U.S. tariffs looms. ($1 = 147.7200 yen)
CNA
23-06-2025
- Business
- CNA
Japan's retail rice prices fall below 4,000 yen, hitting prime minister's target
TOKYO :Japan's average retail rice prices fell below 4,000 yen ($27) for the first time in four months, data showed on Monday, after the government released an emergency stockpile of rice to tackle food inflation ahead of a national election. The supermarket price of rice per 5kg dropped by 6.1 per cent to 3,920 yen in the seven days to June 15, marking the fourth straight week of decreases to reach a level last seen in February, according to the farm ministry. With that, Prime Minister Shigeru Ishiba achieved a target set last month to bring the price of staple Japanese grain to below 4,000 yen. Rice prices have doubled since last year, creating a political challenge for Ishiba as he faces an upper house election in late July. The vote could be critical for his coalition's chances of survival, after it lost its majority in the more powerful lower house in October. Last month, a new farm minister ended a system of distributing emergency rice via auction and switched to discretionary contracts with retailers so that consumers would pay about 2,000 yen per 5kg. That stockpiled rice first became available through some retailers on May 31, selling out quickly. Rice prices leapt in part because of a poor-quality harvest due to extreme heat in 2023, which led to a shortage of rice in the market around the middle of last year. The spike in rice costs has driven Japan's food and overall consumer inflation in recent months, data has shown, complicating the Bank of Japan's rate hike schedule as economic pressure from U.S. tariffs looms. ($1 = 147.7200 yen)
