Higher consumer prices reported in Japan in November

Tokyo, Dec 24 (Prensa Latina) Consumer prices in Japan climbed by 3.7 percent in November, a year-on-year record in the past four decades, the Ministry of Internal Affairs and Communications informed.

December 24, 2022
00:45

According to the Ministry, this indicator increased as a result of the yen’s depreciation to the dollar and higher import costs.

Food prices (except for fresh food) skyrocketed by 6.8 percent, whereas the gas and electricity bills rose by 28.9 and 20.1 percent, respectively, the report pointed out.

Regarding energy resources, the kerosene price rose by 5.5 percent and that of gasoline dropped to one percentage point (thanks to the influence of government’s subsidies).

Inflation was on the rise for the fifteenth consecutive month and exceeded the 2-percent goal again fixed by the Bank of Japan (BOJ).

Despite the apparently positive result, the country’s main financial institution maintains that prices are rising unsustainably as long as they do not correspond to an increase in wages or corporate profits.

Due to this situation, the BOJ estimated that the inflationary goal favorable to economic growth is still pending.

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