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Japanese consumers are bracing for possible price hikes on bread and wheat products in the coming months as the government's selling price for imported wheat was set to rise 17.3% beginning Friday.

The increase in the price for wheat the government sells to private milling companies is the highest in nearly 14 years and 50% higher than 2020. It comes amid growing concerns about poor harvests in the countries that supply wheat to Japan and the effect of Russia’s invasion of Ukraine, which together account for 29% of the world's wheat exports, on commodity prices and availability worldwide.

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