Reported about 1 year ago
Japanese food prices have soared, impacting consumers and businesses, with even octopus now priced higher than premium ingredients like Wagyu beef. Data from Teikoku Databank shows that 195 major food companies raised prices on 614 commonly purchased products in June, with a total of 8,269 items having increased from January to October the previous year. The inflation in Japan is attributed to various factors such as increased global grain demand, rising energy costs, labor shortages, and the depreciation of the Japanese yen. This surge in octopus prices is due to its popularity in dishes like Spanish paella, leading to intense competition and higher bidding from trade merchants, causing struggles for Japanese takoyaki vendors to maintain the dish at the current price of 500 yen.
Source: YAHOO