Japan's Consumer Prices Rose 3.1% in 2023, Highest in 41 Years

Jan 19, 2024 | News On Japan

TOKYO - Japan's national consumer price index witnessed a significant rise of 3.1% over the course of 2023, marking a historic high not seen since the aftermath of the second oil shock in 1982, 41 years ago.

The index, which tracks the price movements of goods and services consumed in households, excluding fresh foods, stood at 105.2, representing a 3.1% increase from the previous year, according to Japan's Ministry of Internal Affairs and Communications.

The primary drivers were rising raw material costs and a weaker yen, leading to a surge in food prices. Excluding fresh foods, food prices jumped by 8.2%, marking the highest increase since 1975.

Prices for items such as chicken eggs rose by 28.7%, hamburgers by 14.6%, and chocolates by 9.4%.

Other notable increases included laundry detergents at 13.1%, mobile phones at 9.8%, and accommodation charges at 17.3%.

The consumer price index for December 2023 showed a 2.3% increase compared to the same month in the preceding year. Due to the settling of food price hikes, the rate of increase dropped by 0.2 points from the previous month, marking a reduction for two consecutive months.

Source: ANN

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