Key facts
- Japan may face a second wave of food price increases.
- Middle East turmoil is driving up naphtha-derived container feedstock and crude oil tanker freight rates.
- 4,965 food and beverage items saw price hikes in September.
Japan could be facing a second wave of surging food prices as ongoing Middle East turmoil drives up costs for naphtha-derived container feedstocks and crude oil tanker freight rates. In September, prices for 4,965 food and beverage items increased, which is more than triple the number seen a year earlier. This inflationary pressure could potentially erase the consumption tax cut implemented by Takaichi.