Foodflation: Eating Takes 29% of Household Budget, Up From 23% Before Abenomics

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Source: Google at https://tinyurl.com/yyenaembKey Points:With food prices up 44% from 2012, they now take 29% of the household budget, up from 23% in 2012As a result, real consumption of food and non-food items both decreasedIf not for spending by inbound tourists, spending would have decreased moreThe weak yen plays a key role since food and some inputs to farming are import-intensiveThe Iran war will increase food prices even moreThis is causing political stress for Prime Minister Sanae TakaichiTakaichi says consumption tax to be reduced to 1% for two years starting next AprilThe memo below is available only to paid subscribers. Free subscribers can get instant access to the full text of this and all future Memos by subscribing for $50 per year. If you only want this Memo, you can subscribe for a month for $5, get the Memo, and then cancel. You will also receive any other memos I put out over the coming 30 days. Journalists desiring to cite this piece can write to me at rbkatz@rbkatz.com to obtain the full text. Free subscribers will continue to get the full text of my regular Posts.Subscribe now Read more