Food manufacturers in Japan have been hiking prices as a result of rising costs for raw materials and crude oil, data showed Monday, dealing a blow to households already hit by the fallout from the coronavirus pandemic.
The average price of cooking oil at supermarkets across the country spiked in May to around 50% higher than prices seen a year earlier, while that of mayonnaise was up nearly 30%, according to Japanese analysis company True Data.
Raw material and crude oil costs have risen in line with higher demand as economies recover from the pandemic and due to global supply chain disruptions. Japan has also seen the cost of imported products rise due to the yen's depreciation against the U.S dollar and other major currencies.