Japan's rice prices soar 99%

Rice prices in Japan soared 99.2% in June year-on-year, official data showed yesterday, piling further pressure on Prime Minister Shigeru Ishiba ahead of elections this weekend.

- KYOKO HASEGAWA

Public support for Ishiba’s administration has tumbled to its lowest level since he took office last year, partly because of frustration over the cost of living.

One of the main sources of anger has been inflation and in particular the surging cost of rice, as well as scandals within the ruling party.

The price of the grain already rocketed 101% year-on-year in May, having jumped 98.4% in April and more than 92.5% in March.

Overall, Japan’s core inflation rate slowed to 3.3% last month from 3.7% in May, the data from the internal affairs ministry showed.

The reading, which excludes volatile fresh food prices, was slightly below market expectations of 3.4%.

Excluding energy and also fresh food, consumer prices rose 3.4%, compared with 3.3% in May.

Opinion polls ahead of tomorrow's election suggest the ruling coalition may lose its majority in the upper house.

This could force Mr Ishiba to resign after less than a year in office.