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  HOME | Business & Economy (Click here for more)

Japanís CPI Rises 0.9% in January for 13th Consecutive Month

TOKYO Ė Japanís consumer price index rose 0.9 percent in January year-on-year, the 13th straight increase, due in large part to higher energy prices, the Japanese government reported on Friday.

The figure, which excludes food prices because of their high volatility, shows a stable rise, although the worldís third largest economy is still far from reaching the Bank of Japanís inflation target of 2 percent by 2019.

The increase in fuel, water and electricity prices of 4.6 percent year-on-year were the main factors contributing to the CPIís rise, followed by medical services (1.6 percent) and transport and communication (0.7 percent).

Decreases were registered in the prices of furniture and household utensils, which were down by 1.2 percent year-on-year, while the price of housing decreased by 0.1 percent, according to Japanís Ministry of Internal Affairs and Communications Statistics Bureau.

Tokyo consumer inflation figures were not due to be released until March 2.

The Bank of Japan adopted aggressive monetary easing policies in 2013 in order to achieve its inflation target of 2 percent, although the drop in oil prices and the global financial slowdown have forced it to postpone the target until 2019, and adopt other additional measures.

The BoJ is confident that the increase in wages planned by companies will begin to exert upward pressure on inflation, with countryís GDP expected to grow 1.4 percent in the current fiscal year that ends in March 2019.

 

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