Japan Food Prices Set To Soar As Government Hikes Wholesale Wheat Prices By 10%
by Tyler Durden
If the past three months have been any indication of what Japan has to look forward to from Abenomics, we have a feeling his tenure will be as short, if not shorter, than all of his recent (and numerous, among which he, himself) predecessors. Because while the stock market may have risen in lock step with the plunge in the Yen, what has also soared are costs. And while a very select few benefit from the transitory surge in the Nikkei, the rising costs, i.e., inflation, hit everyone equally. But while the “no free lunch” reality has until now mostly been felt by those who need energy, as shown in “You Wanted Inflation, You Got It: Japanese Gasoline Price Rises To Eight Month High” the inflationary impact on Chinese imports is about to hit everyone like a sledgehammer right where it hurts the most: in the stomach, as the inevitable has finally happened, and the agriculture ministry announced that wholesale wheat prices are set to rise by a near-record 9.7% in April, which will shortly thereafter send regular food prices soaring.