The Japanese Ministry of Agriculture, Forestry and Fisheries has reported that the average price of 5 kilograms of rice sold in approximately 1,000 supermarkets nationwide fell to 3,980 yen as of September 23, representing a decline of 33 yen (0.8%) from the previous week. This price point marks the first time in over six months that rice has dipped into the 3,000 yen range, following a peak of 4,000 yen earlier in the year. It is believed that this decrease is largely due to retailers’ efforts to reduce excessive inventory.

This decline in rice prices has been consistent for five consecutive weeks, with the current price being 192 yen lower than the same period last year. However, when compared to two years ago, when the price was just 2,045 yen, today's figures represent nearly a doubling of costs. The surge in rice prices can be traced back to the 'Reiwa rice riot' in the summer of two years ago, when rice suddenly vanished from shelves, causing prices to soar above 3,000 yen by September 2021 and to exceed 4,000 yen by March of the following year.

The rise in rice prices has raised concerns about food affordability for consumers, particularly as staple foods become increasingly expensive. The government’s involvement through contracts and subsidies has aimed to stabilize prices, but the fluctuations in supply and demand continue to challenge the market. Future predictions suggest that more interventions may be necessary to ensure food security and prevent price crashes caused by oversupply.