Japan to maintain unchanged import wheat prices despite inflation

According to a source familiar with the matter, the Japanese government intends to maintain the average price at its sale of imported wheat to milling firms from October onwards despite rising inflation, according to Saturday’s report.

The plan is intended to reduce the financial burden of households affected by the higher prices of wheat products like bread and noodles due to Russia’s invasion. Both countries are major producers of wheat.

Prime Minister Fumio Kishida will instruct officials to reduce wholesale prices at a government taskforce meeting Monday. According to an anonymous source, the price may rise by 20% if there is no government action.

According to the farm ministry, the government increased its selling price for imported wheat by 17.3 percent in April to 72.530 yen ($540 per ton), the second-highest level since 2007 when the current calculation methods were adopted.

The government revises its price twice a calendar year, in April and October, based on the average price for wheat imported by the government in the previous six months.
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