Japan inflation hits 3.7%, highest in 41 years - TrueID

Japan inflation hits 3.7%, highest in 41 years

Philippine News AgencyDecember 23, 2022

RECORD-HIGH Japan hits a record-high of 3.7 percent inflation rate last November.  This is the highest inflation rate recorded since 1981.  (Sputnik) 

TOKYO – Japan’s November inflation reached a record-high of 3.7 percent month-on-month for the first time in the last 41 years.

The data released by the Japanese Ministry of Internal Affairs and Communications showed Friday that it significantly exceeded the 2 percent inflation target set by the Bank of Japan.

The increase in inflation was mainly spurred by a sharp increase in commodity and food prices.
Food prices, except for volatile fresh food, rose by 6.8 percent compared to November 2021. Leaf lettuce (36.9%), vegetable oil (35%), chum salmon (26.8%), potato chips (18%), bread (14.5%), and fresh seafood (13.6%) showed the highest increase in prices.

Gas prices rose 21%, residential and office gas prices surged by 28.9%, and electricity prices increased by 20.1%. Transportation prices increased by 6.7%, and cellular network prices surged by 20.1%.

Japan has been facing an increase in prices for 14 months in a row due to the Japanese yen's record-low exchange rate.

The situation significantly worsened after Western countries imposed sanctions on Russia over its special military operation in Ukraine. This led to an unprecedented growth in prices for energy resources, which Tokyo must import in great quantities.

In October, the US dollar was trading at 150 yen in Japan for the first time since 1990. (Sputnik)

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