Food services in Japan ready for price hikes this year
Almost half of the restaurants in Japan are planning to increase the tariffs on the menu this year, according to a survey conducted by Nikkei.
45.4% of the restaurant owners that responded to the poll have considered hiking the prices as the cost of ingredients and labour have become bigger in the last fiscal year. 39.3% of them are targeting only some items on the menu, while 6.1% are considering to raise prices across the board.
The percentage has increased by 15.1% from the same survey a year ago, higher prices of ingredients being the most frequent reason that came out. The percentage of the restaurants that are going to use such a measure could be higher than the one presented by Nikkei, considering the fact that, in 2017, 56.3% respondents actually raised prices even though just 30.3% had said they would.
One of the ingredients that are much more expensive than a year ago is beef. Beef prices in Japan have increased by 20% in the last year due to a growing demand from China and the trend is going to continue for at least 3-4 years. Labour costs have increased only by 2% in the last 12 months, according to job services provider Recruit Jobs.
(Photo source: Wikimedia)
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