September 4, 2009
Lower prices lift beef consumption in Japan
Japanese are now being purchasing more beef but are paying less for it, according to statistics by Japan's Ministry of Internal Affairs and Communications.
The ministry's household meat consumption and expenditure data showed continuing year-on-year growth in monthly beef purchase volumes from May to July this year, averaging 569 grams per household (up 4 percent from last year). In comparison, the monthly expenditure on beef during the same period dropped by 3 percent year-on-year, to an average of 1,592 yen/household.
Beef retail prices started to subside around April this year, assisted by the lower carcase values at the Japanese domestic market, as well as the reduced import prices for Australian beef (assisted by the lower A$ and weak competition from other markets). The fall in the retail price was also assisted by Japan's deflationary economy, with the consumer price index in July sinking 2.2 percent year-on-year.
