On May 21, Teikoku Databank announced the results of the “Price Revision Trend Survey (May)” conducted on 105 major listed food manufacturers. According to the survey, an additional 3,000 items are scheduled to be raised by July, and “this summer is likely to be a’summer of price increases’,” the survey said.
As a result of a follow-up survey of price revision plans (including price increases and implementations) from 2022 on to 105 major listed food manufacturers, it was revealed that there are plans to increase prices for a total of 8,385 items by May 19th, and April 14th. It was found that about 2,000 items will be newly increased in the following month.
Of these, more than 50% of 4,770 items have been raised by May, while 3,615 items are expected to be raised after June. Among them, the number of price increases in July exceeded 1,500. This is the highest number of months this year.
In particular, the sharp rise in prices of “edible oil” and “wheat flour (milling)” had a large effect, and the price revision rate (maximum value for each item) of each item reached 12% on average.
Looking at the items whose prices have increased by food sector, the largest number is 3,609 items of “processed foods”. In particular, since June, many price increases have been seen against the backdrop of soaring wheat prices and oil and fat procurement prices, resulting in an average price increase rate of 13%.
This was followed by “seasonings” with 1,702 items and an average price increase rate of 10%, and the soaring prices of edible oils such as rapeseed oil, mainly dressings and mayonnaise, were reflected in the prices. In addition, the ratio of price increases since June is about 80%, which is the highest in all fields for “alcoholic beverages and beverages” (1,188 items). In addition to reflecting the above, the price of soft drinks will be raised due to the soaring price of PET bottle raw materials made from crude oil. In “Confectionery” (523 items), in addition to poor potato crops, soaring prices of fats and oils, sugar, packaging materials, etc. will affect the number of “breads” (454 items) that will be greatly affected by the soaring prices of imported wheat by the end of the year. In some cases, the price was raised several times.