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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Japan’s consumer prices climb 0.8pc in January

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Tokyo: Consumer prices in Japan rose 0.8 per cent from a year earlier in January amid growing energy prices, the government said on Friday. The reading represented the 25th straight month of increase, said the Ministry of Internal Affairs and Communications, but was still far-off a 2 per cent target set by the Bank of Japan in April 2013.


The cost of electricity rose 7.2 per cent and that of kerosene was up 6.3 per cent, the ministry said.


The core consumer price index, which excludes fresh food, stood at 101.2 against a base of 100 for 2015.


Last month, the Bank of Japan downgraded its inflation forecast for the current financial year for the fourth quarter in a row.


The central bank expects the nation’s consumer price index to climb 0.8 per cent for the year ending March 31, revised down from the 0.9 per cent increase estimated in October.


The bank does not expect the rate to rise 2 per cent even in fiscal year 2020. It is expected to climb 1.4 per cent in that year, also are vision of October’s growth forecast of 1.5 per cent. — dpa


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