By KEIICHI KITAGAWA/ Staff Writer
October 21, 2022 at 19:04 JST
Posters in a discount store in Tokyo’s Ota Ward on Sept. 26 announce increases in the price of beer. (Yuji Yamashita)
Japan’s consumer price index in September hit 102.9, up 3 percent year-on-year, the first time it has reached that percentage in more than 30 years, the internal affairs ministry reported on Oct. 21.
The last time the CPI rose 3 percent or more was in August 1991, excluding the period impacted by the increase in the consumption tax.
The CPI increased for the 13th consecutive month in September. It rose by 2 percent or more for the sixth consecutive month.
The Bank of Japan has set a price-stability target of 2 percent for the CPI’s rise. The CPI excludes perishable foods, whose prices tend to significantly fluctuate.
In addition to the rises in resource prices brought by the Russian invasion of Ukraine, the weaker yen has raised the prices of wide-ranging items, from energy-related ones to food.
Household durable goods prices rose by 11.3 percent year-on-year, the largest increase since March 1975.
Food prices, excluding perishables, increased by 4.6 percent, the highest jump since August 1981.
The increase in energy prices, including electricity or gas, was 16.9 percent, almost the same level as the previous month.
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