Japan to Raise Imported Wheat Price by 12 Pct

Tokyo, Sept. 9 (Jiji Press)–The Japanese government will raise the price of imported wheat sold to domestic millers by 12 pct to 70,020 yen per ton in October, the agriculture ministry said Wednesday. The increase reflects higher shipping fees and rising prices in the international market, as well as a weaker yen. The imported wheat price, which is revised in April and October, will be raised for a second consecutive pricing period. The price exceeded 70,000 yen for the first time since it marked a record high of 76,750 yen in the six months ended in September 2023, following Russia’s invasion of Ukraine. More than 80 pct of wheat consumed in Japan is produced overseas and imported by the government. Wheat prices account for 7 pct of retail prices of bread, 1 pct of those of instant noodles and 20 pct of those of flour for household use, according to the ministry. The wheat price increase “will have only a limited impact on consumers,” a ministry official said. END [Copyright The Jiji Press, Ltd.]