World - Asia
Updated: November 18, 2022

Japan: Inflation Hits Four-Decade High

By Quadri Adejumo
November 18, 2022
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Japanese inflation hit a four-decade high last month, government data showed on Friday.

Core consumer prices excluding volatile fresh food rose 3.6% on-year in October, marginally higher than analyst expectations.

The reading marked the fastest pace since 1982, although it remains below the sky-high levels that have pummeled the United States and other countries.

In reaction to the data, Chief Cabinet Secretary Hirokazu Matsuno said the government "must protect people's livelihoods from these price rises."

He added; "Price increases have continued for items closely related to daily life such as utilities and food, due to rising raw material prices and the weak yen.”

"Policies targeting energy and food, which are the main causes of high prices" are included in the relief measures, Matsuno said as he vowed to "pass the extra budget as soon as possible."