March 3, 2021

Prices in Japan in November grew by 0.9% year-on-year

Prices in Japan in November grew by 0.9% year-on-year



Tokyo, Dec 21 (EFECOM) .- The consumer price index (CPI) rose by 0.9% year-on-year in Japan last November, continuing the trend that has been maintained for almost two years, the government reported today.

The growth rate of this inflation indicator, which excludes food prices due to its high volatility, is still far from the 2% target of the Bank of Japan (BoJ). The data released today is one tenth below the year-on-year CPI for October.

With respect to the previous month, prices did not change, according to data published by the Statistics Office of the Ministry of the Interior and Communications. With the data today accumulate 23 consecutive months with an increase in prices in the country.

The fuel, electricity and drinking water sector rose 5.0% in November and was the one that contributed the most to the increase in the CPI. On the other hand, housing had a year-on-year reduction of 0.1%.

The BoJ launched in 2013 a broad program of monetary easing to bring inflation to 2%, although this objective has been delayed by the drop in oil prices since the end of 2014 and the entity has been forced to take measures additional to achieve its achievement.

At its most recent two-day meeting, closed this Thursday, the BoJ opted to keep the short-term interest rate unchanged, which is at -0.1%, and maintain its bond purchase policy.

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