Japan's Fair Trade Commission raided six major ice cream manufacturers, including Meiji and Lotte, on suspicion of forming a cartel to fix prices. The firms allegedly inflated prices by 5-10% multiple times, beyond raw material cost increases.
The investigation into alleged price-fixing by major ice cream producers could lead to significant fines and impact consumer prices during a period of high demand.
Japan's competition watchdog has raided some of the country's largest ice cream manufacturers on suspicion of forming a cartel to fix prices. The Japan Fair Trade Commission (JFTC) conducted on-site inspections at companies including Meiji, Morinaga Milk Industry, Lotte, Morinaga, Ezaki Glico, and Akagi Nyugyo.
These firms are suspected of inflating the prices of their frozen desserts multiple times over the years, by approximately 5-10%, beyond increases in the cost of raw materials. This alleged price-fixing comes as Japan experiences record high summer temperatures.
Meiji, Morinaga Milk, and Glico have confirmed that they have been subject to inspections and stated they will cooperate fully with the authorities' investigation. The JFTC has not yet released an official statement regarding the probe.