About 80% of households in Japan have felt the impact of rising prices on their family budgets, a survey conducted by Sumitomo Life Insurance in early September showed Thursday.
The online survey, which covered 5,484 people in their 20s to 60s from across the country who are working as regular employees, showed that 82.9% said their household budgets had been affected by inflation, up from 78.9% in the previous year’s survey.
Of the respondents affected by inflation, 91.3% said price increases had impacted their food expenses, while 61.5% felt the impact on electricity bills.
Over half of respondents said their cost of living had increased, with average monthly living expenses rising by ¥9,636.
Regarding rice, the price of which has spiked in the country, 26.4% said they had avoided buying the staple due to the high prices. When asked what they considered to be a reasonable price for rice per 5 kilograms, 34.0%, the largest proportion, answered ¥2,000 or under.
Meanwhile, the survey also showed that only 14.3% expected their annual income to increase from last year, while 77.9% said it would remain the same.
The results suggest there is still a significant gap between inflation and income growth in Japan.
Regarding ways to save money, 75.6% of those who felt the inflation impact said they were cutting down on spending. In a multiple choice question, food was cited by the largest share, of 49.2%, as an item where spend had been cut, followed by clothing and hobbies.
Among the comments cited in the survey, a woman in her 20s said, “I want my salary to be raised as prices are going up,” while a man in his 40s said, “I hope for tax cuts so that my disposable income will go up.” Other comments mentioned not wanting to spend money due to worry about the future.
AloJapan.com