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Tokyo, Feb 27 (EFECOM).- Japan’s consumer price index (CPI) increased 2% year-on-year in January, its third consecutive deceleration, mainly due to lower energy prices and a smaller increase in food prices, reported this Monday the Government.
The increase in the indicator, which excludes fresh food prices due to their high volatility, follows those experienced last December and November, of 2.3% and 2.5%, respectively, and continues above the inflation target of the 2% from the Bank of Japan (BoJ), which has nevertheless been resisting raising interest rates.
Compared to the previous month, prices remained flat, according to data published by the Statistics Office of the Japanese Ministry of the Interior and Communications.
The moderation in the rise in food prices, which had been the determining factor in recent months, contributed to the slowdown in inflation in the first month of 2024.
Food, excluding fresh food, became more expensive by 5.9%, its fifth month of deceleration, although the 11.8% increase in staple foods, although also lower than in previous months, continues to weigh on the basket of the purchase in the country.
The fall in the price of energy, which reached inflation above 4% at the beginning of 2023, when its costs skyrocketed due to the war in Ukraine, is another of the factors that have been contributing to the slowdown in the Japanese CPI.
The cost of electricity fell by 21% year-on-year in January, while the cost of gas fell by 15.3%.
Clothing and footwear rose by 3% at the start of this year, public transport rose by 3.5% and prices for cultural and leisure activities increased by 6.8% year-on-year.
Core inflation, which excludes the price of energy and food due to their volatility, was 3.5% compared to January of the previous year and remained flat compared to December. EFECOM
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