Japan's imported wheat price to hit 14-yr high amid Ukraine crisis

Kyodo -- Mar 09
Japan's farm ministry said Wednesday it will raise the average price at which it sells imported wheat to the country's milling companies by 17.3 percent from April, nearing a 14-year high, as Russia's invasion of Ukraine stokes fears of global supply disruptions.

The average price of five major wheat brands will be 72,530 yen ($626) per ton in the April-September period, the second-highest level since the current calculation methods were adopted in 2007, following 76,030 yen marked in the six months from October 2008, according to the ministry.

The third straight sixth-month period of hikes is almost certain to be another blow to many consumers in Japan, which is highly dependent on imports for its food and energy needs.

As consumers brace for various price increases in the coming months, due to reasons ranging from the coronavirus pandemic to the yen's depreciation, the average wheat price will be about 50 percent higher for the April-September period than the six months from October 2020.