Posted 24 февраля 07:43

Published 24 февраля 07:43

Modified 24 февраля 09:30

Updated 24 февраля 09:30

Japan has a record rate of inflation for 42 years

24 февраля 2023, 07:43
According to a report by the Ministry of Internal Affairs and Communications of Japan, consumer prices in the country increased by 4.2% over the year. Thus, Japan is experiencing a record 42-year inflation rate, reaching the highest values since 1981.
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"The price of food in the country last month increased by 7.4%, clothing — by 3.1%, furniture and household goods — by 7.7%. Medical care in Japan rose by 0.5%, educational services — by 0.7%, transport and telecommunications services — by 2.1%", - Kommersant notes, referring to the published report.

In addition, in January there was an increase in the cost of utilities, which rose by 14.9%. The price of electricity and gas in cities increased by 20.2% and 35.2%, respectively. At the same time, the Japanese cabinet expects a reduction in the cost of electricity and gas for the population this month due to subsidizing utility bills. The government explains the high rate of inflation by the rise in price of energy and food.

During the I–III quarter, the Japanese yen depreciated by almost a quarter against the dollar, thus reaching a minimum in 32 years. In this regard, the government intervened in the foreign exchange market for the first time in 20 years.