Japanese consumers will have seen price hikes on 30,009 food and beverage products by October as retailers pass on higher costs to protect their profits, according to a credit research company.

The total, including the hikes in coming months, already eclipses the 2022 total of 25,768 items, Teikoku Databank Ltd. said in its report in mid-July.

The company also maintained its forecast for the full year at around 35,000 items, saying October is expected to see the most price hikes.

The added burden on households has reduced purchasing power, making it increasingly unlikely companies will continue increasing prices at such a rapid pace as it will further dampen demand, it said.

The company cited rises in electricity and labor costs, along with a weaker yen pushing up import prices, as factors that will lead to further price increases.

October will see price hikes for 3,716 items, including sausages and alcoholic beverages, up about 300 from the number announced at the end of June.

But the company said the monthly total could end at over 8,000 as more companies are likely to announce price changes.

It also expects intermittent price hikes between the yearend and the beginning of 2024.

The survey compiled pricing data from 105 listed and 90 nonlisted companies in the food and beverage industry.