Food prices in Japan are rising fast as producers struggle to cope with a depreciating Yen and the increasing costs of commodities.
Data collected from supermarkets and other food retailers show food inflation is currently at 4.5% on the year. It is moving so fast though that sellers are barely able to keep up.
Whilst 4.5% sounds relatively modest, amongst that average are some significant hikes – the price of cooking oil for example up 23%, dried pasta up 17.1% and Mayonnaise up 16.7%.
The rising prices are forcing consumers to rethink their spending habits, with low-income households disproportionately affected – reducing their consumption significantly.
Q1. Define the term inflation.
Q2. Explain what is causing the soaring food inflation in Japan.
Q3. Analyse the impact of a depreciating Yen on domestic food prices.
Q4. Discuss the view that low-income households are disproportionately affected by increasing levels of inflation.
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