Rice prices in Japan are more than twice in May, where basic inflation jumps to the highest levels since 2023

Rice prices in Japan More than weakness in May101.7 % on an annual basis and represents the largest increase in more than half a century.

The huge increase follows 98.4 % in April, 92.1 % on an annual basis in March.

Rice prices were in Japan In the spotlight Recently, with the government’s launch with emergency storage to reduce the country’s basic food price.

The increase in rice prices comes with the high basic inflation rate in Japan to 3.7 % in May, which represents its highest level since January 2023.

The number – which offers fresh food costs – was above 3.6 % expected by economists who were occupied by Reuters, which is higher than April reading by 3.5 %.

The main inflation came by 3.5 %, less compared to 3.6 % in April. This represents the thirty -eighth month in a row in which inflation was turned over 2 %.

The “basic” inflation rate, which raises the prices of both fresh foods and energy and is closely monitored by BOJ, increased to 3.3 % of 3 % in the previous month.

Marcela Zhao, a global market strategy expert at JP Morgan Management, noticed that Rice represents about 50 % of the basic inflation in Japan, and future inflation trends depends largely on food prices, especially rice.

“If these cuts extend to processed foods that contain rice and lead to low restaurant prices” if these cuts extend to processed foods that contain rice and lead to low restaurant prices “if these cuts extend to manufactured foods that contain rice and lead to low restaurant prices.”

“The numbers of inflation were not expected due to the high prices of food.

“Although we seem to be in the next few months, we must see a set of prices of these food prices,” said in CNBC.Squawk box asia“.

He added that the high geopolitical tensions in the Middle East can have an impact on energy prices.

The inflation number comes as a central bank Keep 0.5 % After the monetary policy meeting earlier this week, although he said in statement This moves to pass wages increases to selling prices and support basic inflation.

The battle of cattle kazuo ueda According to what was reported, the Japanese parliament was told last week that the central bank will continue to raise prices “as soon as we feel more conviction that basic inflation will deal with 2 % or hover around this level.”

However, the bank expects to expect to go an advancement, adding that “the basic basic inflation is likely to be slow, mainly due to the slowdown in the economy.”

Separately, the gross domestic product in Japan is also 0.2 % In the quarter ending in March Compared to the previous period with the decrease in exports, on the occasion of the first time in the year in which the economy contracted on a quarter of a quarter.