Japan to see over 3,000 food and drink price hikes in October

The prices of 3,153 food and beverage items in Japan are set to rise next month as higher packaging costs stemming from the Middle East conflict and a weaker yen continue to hit household budgets, a research firm’s survey showed Wednesday, Kyodo News reported.

The increases in October will follow price hikes for 4,965 items in September, according to Teikoku Databank Ltd, which described the two months as another “wave of price hikes”.

Higher crude oil and naphtha prices caused by the worsening situation in Middle East have driven up the cost of packaging materials, while the weakening yen has pushed up import prices, prompting companies to pass on higher costs to consumers.