According to the Ministry of Internal Affairs and Communications of Japan, consumer prices in October increased by 3.7% compared to the same month last year. This was the highest value since January 1991, while the rise in prices was marked for the 14th month in a row.
In September, the inflation rate was fixed at 3%. Analysts had expected a 3.5% price increase.
On a monthly basis, consumer prices rose by 0.6% (the fastest pace since April 2014). In September, the indicator increased by 0.3%.
Consumer prices excluding fresh food (a key indicator tracked by the Bank of Japan) in October increased by 3.6% year-on-year after rising by 3% in September. This growth was the highest since February 1982.
In particular, food prices in Japan rose by 6.2%, fuel, electricity and water supply - by 14.6%, electricity – by 10.9%. The cost of transport and telecommunication services increased by 2%.
It is worth noting that the central bank's target is at the level of 2%, and the current inflation rate exceeds it for the seventh month in a row.
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