Japan's rice prices rose to a new high in October

On November 22, Japan's Ministry of Internal Affairs and Communications released the country's national consumer price index for October, showing that the price of rice rose by 58.9% year-on-year, the largest increase since comparable data became available in 1971. It is reported that this is mainly due to the decrease in the circulation of rice produced in 2023 and the increase in the production cost and transportation cost of new rice in 2024.