December 25, 2022Consumer prices have risen due to soaring energy costs, official data showsJapan’s core consumer inflation benchmark hit a fresh four-decade high last month as companies continued to pass on rising costs to households, government data showed on Friday.The nationwide consumer price index (CPI), which excludes volatile fresh food but includes energy costs, jumped 3.7% in November from a year ago, in line with market forecasts and up from a 3.6% gain in the previous month. It was the biggest rise since December 1981.The data showed that, aside from utility bills, prices rose for a wide range of goods – from fried chicken, to smartphones, to air conditioners.According to research firm Teikoku Data Bank, companies plan to hike prices for over 7,000 food products in the first four months of 2023. That’s more than double the number of the same period this year.Japan’s economy unexpectedly contracted an annualized 0.8% in the third quarter of 2022 amid global recession concerns and higher import costs weighing on consumers and businesses.
This article was originally published by RT.
