Japan Sep. Consumer Inflation At 31 - Year High
Japan's latest consumer price index released on Friday shows a rise of 3 percent, an increase not seen in 31 years, excluding the effect of consumption tax hikes.
The finance ministry says the consumer price index, excluding fresh food, climbed 3 percent in September from a year earlier.
The last time the index spiked by 3 percent was in 2014. But that was triggered by a consumption tax hike and quickly subsided. If that is disregarded, September marked the biggest jump since August 1991.
The government and the Bank of Japan have set an inflation target of 2 percent to pull the country out of deflation. September was the sixth month in a row in which the figure exceeded that mark.
Soaring energy prices continued to pressure the index, with energy costs soaring nearly 17 percent and electricity bills and gas prices jumping about 20 percent.
Shoppers also paid 4.6 percent more for food, excluding fresh items.
The internal affairs ministry says that the weaker yen has pushed up the cost of imports, fueling consumer inflation.
The officials add that the ongoing weakening of the yen will continue to affect prices and they will continue to closely monitor price trends.