Majority of Japan's food, household goods makers plan 2023 price hike

TOKYO, Jan 04 (Nikkei) - Price increases are planned in 2023 at the majority of Japanese companies that produce food and other daily necessities, a Nikkei survey finds, with businesses caught between covering surging costs and keeping customers happy.

The December survey of 46 leading companies found that 27, or 59%, intend to raise the sticker price of their products or reduce their size, essentially a price hike by other means.

Just one company said it would stick to current prices. Eighteen, or 39%, had not decided or did not respond, suggesting the possibility of more widespread hikes down the line.

The average planned increase is 18%, 4 percentage points more than the full-year average for 2022.

Among respondents to the survey for 2022, 89% ended up raising prices or cutting sizes. ...continue reading