Rice stockpile eyed as Japan PM orders swift relief from rising prices

Japanese Prime Minister Shigeru Ishiba has ordered the swift implementation of measures to give consumers relief from inflated food prices, including an unprecedented release of stockpiled rice to bring down costs, a minister said on Tuesday.

At a news conference, Economy Minister Ryosei Akazawa said Ishiba had instructed the cabinet to proceed quickly with countermeasures as the prices of rice, vegetables and other living costs have soared in recent months.

"Citizens are suffering greatly and feeling pain," he said, noting that the elevated price of rice had been unexpected.

The average transaction price of rice produced last year jumped 55% to 23,715 yen ($153) per 60 kg (132 lb) from the previous year, according to government data.

The agriculture ministry last week agreed on a new policy that would allow the government to sell stockpiled rice to farm cooperatives on the condition that the buyers would sell back the equivalent amount to the government within a year. It would be the first time stockpiled rice has been released to bring down prices.

Details such as the sale price and timing are yet to be decided, a ministry official said on Tuesday.

Japanese consumer prices rose 3.6% in December from the previous year, marking the biggest jump in almost two years, while the share of households' spending on food hit a four-decade high last year.

($1 = 155.2700 yen)