Inflation in Japan hits 42-year highs
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Consumer prices in Japan rose 4.2% in January from last year, the highest rate since December 1981. The reason for the rise in prices was the high cost of energy and food. Report published on the website of the Ministry of Internal Affairs and Communications of Japan.
The price of food in the country last month increased by 7.4%, for clothes – by 3.1%, for furniture and household goods – by 7.7%. Medical care in Japan rose by 0.5%, educational services – by 0.7%, transport and telecommunications services – by 2.1%.
The cost of utilities rose by 14.9% in January. Electricity and gas prices in cities rose by 20.2% and 35.2%, respectively. The ministry said that in connection with the government’s decision to subsidize utility bills for consumers in February, a decrease in electricity and gas prices is expected.
In the first three quarters of 2022, the Japanese yen depreciated nearly 25% against the dollar, hitting a 32-year low. To contain the growth of the dollar, the Japanese authorities conducted the first intervention in the foreign exchange market in more than 20 years. Consumer prices in Japan rose in December as well. Then the increase was 0.3%.
More details – in the material “Kommersant” “There are yens in the safe harbor”.
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