TOKYO, Reuters – Asahi Group Holdings shares surged Wednesday following the Japanese beermaker’s announcement of its first price increase for canned beer in 14 year and a variety of price hikes to meet rising prices.

The retail price of 162 items (mostly beer products) will go up between 6%-10% starting October 1. It is a result of rising material, energy, transportation costs, the company stated on Tuesday, after the markets closed.

Following decades of Japanese deflation, consumers are now facing increasing pressures due to rising fuel costs and logistics issues caused by Russia’s invasion in Ukraine.

Asahi’s stock rose 5% in morning trading, beating a 1.9% decline in benchmark index.

Rivals Kirin Holdings and Sapporo Holdings Ltd both stated on Wednesday that they’re considering price hikes, but not making a decision.

Suntory Holdings Ltd spokesperson stated that they had not commented on the matter, noting that prices for its alcohol products have changed since October 2020.

Asahi Japan’s leading beer manufacturer, controlling nearly 40% market share