As war in Ukraine drives up already high input costs, even firms with business models fine-tuned to Japan's deflationary economy are toying with higher prices — testing acceptance by consumers hardened by repeated affirmations of an elusive inflation goal.
High street price rises have broadened as wholesale inflation accelerates at record rates, with increases in the prices of commodities such as oil, for instance, reaching shop shelves in the form of more expensive plastic packaging.
In Japan, the knock-on effect has pushed companies used to nearly two decades of deflation to pass on costs more directly than ever before. On top of changing ingredients or reducing portion sizes, firms have given unusual price boosts to goods such as cooking oil, snacks and popular instant noodle brands.
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