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Tokyo, July 12 – A new survey released on Wednesday revealed that over 30,000 food and beverage items were subject to price increases in Japan this year as businesses continue to pass on their higher raw material costs to consumers.
The survey by credit research company Teikoku Databank showed that 195 food and beverage makers have announced plans to raise prices for 30,009 items this year as of Wednesday, up from 29,106 items as of the end of June, reports Xinhua news agency.
Prices for about 20,000 items had already been raised in the first six months of this year, with price hikes for some 10,000 items being planned in the second half, including 3,716 items in October, when the number may swell to around 8,000 to hit a peak of this year, according to the survey.
The company said that consumers are facing “an unprecedented rush of price hikes” in 2023, noting that prices for around 35,000 food and beverage items may rise, up by more than 10,000 from the previous year.