Rising Rice Prices

Many people may have to cut back on the amount of rice they consume. A resent post at http://search.japantimes.co.jp/cgi-bin/nb20110713a2.html describes how the price of rice is going up and due to the increase in inventories of the rice from and around a considerable distance in the Fukushima Prefecture. These increases in inventories of the rice were brought to pass due to the resent nuclear disaster at the Fukushima nuclear power plant in Japan and the fear of contamination of the rice as well as a fear for shortages on rice and other supply. The rise is reasonably backed up according to the resent statistics given by a market research firm concerning the price of rice. The Rice Databank Co. has observed that the Akitakomachi brand of rice produced in the Akita Prefecture was at an average cost of ¥18,700 per 60 kg last Wednesday or rather approximately $233.28 per 132.28 lbs. The price is up 49.6 percent from the last recorded high of ¥12,500, approximately $155.94, in the Kanto region on March 9 which was two days before the earthquake and following tsunami that damaged the Fukushima No. 1 nuclear power plant. Other brands of rice have also soared up since the disaster including the Koshihikari brand, which is cropped in the Chuetsu area of Niigata Prefecture. Do to the shortage of rice that is available for trading the prices for rice have increased as an attempt to secure supplies for the supermarkets as well as the other mass retailers of rice. The shortage is also a response to a common fear of shipment restrictions that could be put into place because of radioactive substances that could be in the rice. The prices for rice could very well continue until it is determined whether or not there are or are not in fact any radioactive substances in any of the rice.