Japanese inflation hit a four-decade high last month, government data showed Friday, fuelled by high energy costs and a weak yen and ramping up pressure on the central bank to move away from its ultra-loose monetary policies.
Core consumer prices excluding volatile fresh food rose 3.6 percent 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 pummelled the United States and other countries.
In reaction to the data, chief cabinet secretary Hirokazu Matsuno told reporters the government “must protect people’s livelihoods from these price rises”.
“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,” he said.
The government said last month it would spend $260 billion on an economic stimulus package that includes support for energy bills, which have spiked since Russia’s invasion of Ukraine in February.
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”.
Darren Tay, Japan Economist at Capital Economics, told AFP that the impact of inflation on the average consumer was “very real”.
Prime Minister Fumio Kishida has responded with an “aggressive” stimulus package because “he knows that his electorate is not too happy with rising prices”, Tay added.
Source: eNCA
In other news – Muvhango has actress Gugulethu Mzobe (Rosemary) over the moon
Muvhango actress Gugulethu Mzobe has thanked the show for giving her an opportunity to learn.
The actress, who plays Rosemary on the show, said she got an opportunity to do some stunts co-ordination for the soapie Learn more
