Ajinomoto, Kewpie Hike Prices Amid Middle East Conflict
Ajinomoto, a Japanese food and seasoning company, is raising prices for its mayonnaise and other products due to increased raw material costs. The price hike will be around 6-10% from December, affecting 21 household-use mayonnaise products.
The Middle East conflict has driven up energy prices and the yen's weakness has inflated import costs for Japan. Kewpie, a competitor of Ajinomoto, also plans to raise retail prices of around 224 products shipped from November 1 by up to 25%.
Japan's agriculture ministry announced it will hike the average price of imported wheat sold to flour millers and other companies between October and March by 12%. This increase reflects higher wheat prices, a weak yen, and higher transportation costs amid the Iran war.