May 17 (Nikkei) - Suntory Beverage and Food, one of Japan's top sellers of soft drinks, will serve up its most wide-ranging price hike yet in a move expected to push rivals to follow suit in an industry squeezed by higher costs.
The Tokyo-based company said on Monday it will raise the recommended retail price for 165 of its most popular bottled beverages, including its Tennensui natural water, Craft Boss coffees and Suntory oolong tea, by 20 yen (15 cents) on shipments starting Oct. 1. This translates to a 6% to 20% hike depending on the product.
The move is the latest price hike shoppers in Japan will see for food and drink, as a mix of commodity gains, supply chain troubles and a weak yen hit home for a country long accustomed to deflation.
"Costs are surging across the board, so every company out there wants to raise prices as quickly as possible across different product sizes and sales channels," said an analyst at Tokyo-based market research company Inryou Souken. "Other companies are sure to follow in Suntory's footsteps."
Suntory holds the largest market share in Japan for beverages sold through retail stores. Increased prices will apply to beverages sold through retailers, vending machines and various other sales channels.
Source: ANNnewsCH
