Higher Food Prices from Adverse Weather and Downward Pressure on Consumer Spending

「The outlook remains uncertain due to heightened geopolitical risks, US trade policy, foreign-exchange fluctuations and the impact of further price increases on personal consumption. In the food manufacturing industry to which our company belongs, the operating environment also remains challenging due to lower purchasing intentions resulting from concerns about the future amid rising prices, higher labour-related costs amid tight labour demand, and increased expenses such as utility and transportation costs due to soaring energy prices.」

「In the food manufacturing industry to which our company belongs, the operating environment is expected to remain challenging due to continued increases in business costs, particularly raw-material costs, and heightened consumer cost-consciousness.」

「Further price increases remain a concern, and cost-consciousness has intensified as real wage increases have failed to keep pace.」

「During the cumulative third quarter under review, expectations for an economic recovery increased as the economy moved toward normalisation following the easing of COVID-19 measures, employment and income conditions improved, and personal consumption and inbound demand showed signs of recovery. Meanwhile, soaring raw-material and energy costs, record levels of yen depreciation and the resulting sharp rise in domestic prices continued.」

「During the cumulative second quarter under review, the Japanese economy was on a moderate recovery trend, with personal consumption recovering and inbound demand increasing as COVID-19 restrictions were eased. However, the outlook remained uncertain due to the impact of soaring raw-material and energy prices, inflation resulting from yen depreciation, and the prolonged situation in Ukraine.」

「During the cumulative first quarter under review, Japan's social and economic activity moved further toward normalisation after the classification of COVID-19 was changed to a Class 5 infectious disease, and personal consumption showed a moderate recovery, including a recovery in demand for going out. However, the outlook for the economy remained uncertain due to risks of weaker consumption resulting from prolonged geopolitical risks, associated surges in raw-material and energy prices, and stronger inflationary pressure accompanying foreign-exchange fluctuations.」

「In the food manufacturing industry to which the company belongs, the operating environment has become increasingly difficult because of substantially higher costs for packaging materials, logistics and other items caused by soaring raw material and crude oil prices, compounded by the weaker yen. Companies have revised their prices, while consumers have become more inclined to economize.」

「In the food manufacturing industry to which our company belongs, the operating environment remained challenging. Although the restaurant industry and convenience stores showed signs of recovery as the flow of people recovered, cost-push inflation heightened consumers' desire to protect their household budgets, leading to restrained purchasing at supermarkets and increased demand for lower-priced private-label products.」

「During the cumulative second quarter under review, the Japanese economy gradually moved toward normalisation under the new normal after the government's COVID-19 restrictions were lifted, and the economy showed signs of a moderate recovery. However, the outlook remained uncertain due to soaring raw-material and energy prices, concerns about foreign-exchange movements including yen depreciation, rising prices and other factors.」

「In the food manufacturing industry to which the company belongs, demand for eating at home, driven by stay-at-home consumption during the COVID-19 pandemic, has begun to settle. In addition to soaring prices for raw materials such as soybeans, fats and oils, and packaging materials, energy costs including city gas and electricity have risen, creating a difficult operating environment.」

「The Japanese economy remained challenging during the fiscal year under review due to the prolonged impact of COVID-19 and the situation involving Russia and Ukraine. In the food manufacturing industry to which our company belongs, although personal consumption showed some signs of recovery, the outlook is expected to remain uncertain due in part to soaring raw-material prices and higher energy costs resulting from rising resource prices.」

「During the cumulative third quarter under review, Japan's economic activity was restricted for an extended period as declarations of a state of emergency and priority preventive measures against the spread of COVID-19 were imposed intermittently. In addition, there were numerous factors weighing on the economy, including shortages of parts and raw materials, soaring prices for energy, food and daily necessities, rising US interest rates, yen depreciation and geopolitical risks, and the situation continues to require close monitoring. In the food manufacturing industry to which our company belongs, the impact of COVID-19 increased demand for eating at home as meals at home became more common, while demand for eating out continued to languish amid efforts to prevent the spread of infection.」

「In the food manufacturing industry to which our company belongs, the impact of COVID-19 increased demand for eating at home as meals at home became more common, while demand for eating out continued to languish amid efforts to prevent the spread of infection.」

「In the food manufacturing industry to which our company belongs, the impact of COVID-19 increased demand for eating at home as meals at home became more common, while demand for eating out continued to languish amid efforts to prevent the spread of infection.」

「In the food manufacturing industry to which our company belongs, the impact of COVID-19 increased demand for eating at home as meals at home became more common, while demand for eating out continued to languish amid efforts to prevent the spread of infection.」

「During the cumulative third quarter under review, the Japanese economy continued to be affected by COVID-19. Consumers remained strongly cost-conscious due to concerns about the outlook, and personal consumption remained sluggish.」

「During the cumulative second quarter under review, the Japanese economy continued to be affected by COVID-19. Consumers remained strongly cost-conscious due to concerns about the outlook, and personal consumption remained sluggish.」

「During the cumulative first quarter under review, the Japanese economy continued to be affected by COVID-19. Although the domestic economy showed signs of recovery after June 2020, when the state of emergency was lifted, concerns about the outlook kept consumers strongly cost-conscious, and personal consumption remained sluggish.」

「In the food manufacturing industry to which our company belongs, the operating environment remained challenging. Labour costs rose as competition for workers intensified amid heightened consumer awareness of food safety and security, and distribution costs increased amid labour shortages. In addition, the spread of COVID-19 increased demand for eating at home, while concerns about the outlook heightened consumers' cost-consciousness.」

「While there are signs of a recovery in consumer sentiment, concerns about the outlook due to the consumption tax increase and other factors continue to keep consumers strongly cost-conscious, and personal consumption remains sluggish.」

「While there are signs of a recovery in consumer sentiment, concerns about the outlook due to the consumption tax increase and other factors continue to keep consumers strongly cost-conscious, and personal consumption remains sluggish.」

「While there are signs of a recovery in consumer sentiment, concerns about the outlook continue to keep consumers strongly cost-conscious, and personal consumption remains sluggish.」

「Although consumer sentiment showed signs of recovery, personal consumption remained sluggish because consumers continued to favor thrift due to concerns about the outlook.」

「Although consumer sentiment showed signs of recovery, personal consumption remained sluggish as consumers continued to favor thrift amid concerns about the outlook and the effects of natural disasters.」

「Although consumer sentiment showed signs of recovery, personal consumption remained sluggish because consumers continued to favor thrift, with downside effects from the heavy rains of July 2018 and subsequent typhoons.」

「Although employment and income conditions continued to improve gradually and consumer sentiment showed signs of recovery, personal consumption remained sluggish as consumers became more inclined to economize.」

「Performance remained stable because sales were stable as consumer sentiment recovered gradually.」

「Performance remained stable because sales were stable as consumer sentiment showed signs of recovery.」

「In the food manufacturing industry to which the Company belongs, performance remained stable because sales were stable as consumer sentiment showed signs of recovery.」

「Sales remained stable because personal consumption stayed broadly flat, resulting in stable performance.」

「In the food manufacturing industry to which the Company belongs, conditions remained uncertain as higher food prices, particularly for fresh vegetables such as daikon, Chinese cabbage, and mizuna, resulting from adverse weather and record low sunshine, weighed on personal consumption.」