Japan Oct. Consumer Inflation Hits 40 - Year High
The consumer price index in Japan rose last month by a margin not seen in four decades, further putting the pinch on shoppers.
The internal affairs ministry says the CPI, excluding fresh food, climbed 3.6 percent in October from a year earlier.
The last time the index spiked by 3.6 percent was in February 1982, when the impact of the second oil shock was lingering in Japan.
The government and the Bank of Japan have set an inflation target of 2 percent to pull the country out of deflation. October was the seventh straight month the CPI exceeded that target.
Overall energy costs soared 15.2 percent and continued to pressure the index.
Electricity bills jumped 20.9 percent and gas prices were up 20 percent.
Shoppers also paid 5.9 percent more for food, excluding fresh items. The weaker yen has pushed up the cost of imports, further fueling consumer inflation.