Inflation accelerates in Japan after rice prices double
Inflation accelerates in Japan after rice prices double
cross-posted from: https://lemmy.zip/post/41844109
In May, Japan's core inflation rate, which excludes volatile fresh food prices, hit 3.7 percent -- its highest level since January 2023 -- interior ministry data showed.
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Japanese rice prices are a weird combination of inflation, panic buying, inefficient farming, and a bureaucracy managing it all that actively wants rice to be more expensive. This video has a really good explanation of it.
This is an entirely self-inflicted and avoidable crisis
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