Tokyo consumer prices rise 2.7 percent; accommodation fees jump 42.8 percent

Oct 27, 2023 | News On Japan

TOKYO - The consumer price index for Tokyo's 23 wards increased by 2.7 percent compared to the same month of the previous year, excluding perishable foods, while the first expansion in growth was recorded in four months, as announced by Japan's Ministry of Internal Affairs and Communications.

From October, government subsidies for electricity and gas bills were halved, which contributed to pushing up the overall figure.

A surge in raw material prices was passed on to sales prices, resulting in a 7.3 percent increase in food prices, excluding fresh produce which is greatly influenced by weather conditions.

Accommodation fees in Tokyo jump by 42.8 percent due to an increase in foreign tourists fueled by a weakening yen.

This marks the 26th consecutive month that the consumer price index for Tokyo's 23 wards has surpassed the same month of the previous year.

This index is released ahead of national data and is closely watched as a leading indicator.

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