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

Players to Watch When Japan Faces the Netherlands

Japan's World Cup campaign begins on June 14 when the Samurai Blue face the Netherlands at Dallas Stadium in Texas, a clash that will showcase some of the game's most talented players and pit two ambitious teams against one another in a crucial Group F opener. While Japan arrives without injured winger Kaoru Mitoma, one of its most recognizable stars, the squad still boasts a wealth of talent drawn from Europe's top leagues.

El Nino Returns, But Japan Faces Another Hot Summer

The Japan Meteorological Agency (JMA) announced that an El Niño phenomenon is believed to have developed this spring, warning that Japan is likely to experience above-average temperatures nationwide this summer despite the climate pattern's traditional association with cooler summers.

Narita Airport Advances Compulsory Land Acquisition for Runway

Narita International Airport Corporation is expected to announce next month that it will apply to the national government for project certification as part of the process to enable compulsory land acquisition for the construction of a new runway at Narita Airport, according to sources familiar with the matter.

Fire Destroys Historic Arima Inari Shrine

A fire broke out at Arima Inari Shrine near the Arima Onsen hot spring resort area in Kobe on the night of June 9th, destroying multiple buildings and leaving an elderly Shinto priest and his wife with minor injuries.

Japan National Team Holds First Training Session in Nashville

Japan's national soccer team arrived in Nashville, Tennessee, on June 8th from Monterrey, Mexico, where it had been conducting a pre-World Cup training camp, and held its first practice session at its base camp for the FIFA World Cup in North America.

MEDIA CHANNELS

MORE Business NEWS

Will There Be Another Currency Intervention to Boost Weak Yen?

The Bank of Japan is set to raise its policy interest rate from 0.75% to 1.0% at its monetary policy meeting on June 15th and 16th, a move that could mark another step in the central bank's gradual shift away from ultra-loose monetary policy as inflation remains elevated and the yen continues to weaken.

IT Infrastructure Management Solutions for Businesses in Japan

The contemporary corporate field across Japan is undergoing a profound digital transformation as forward-thinking organizations strive to maintain their market competitiveness in a globalized economy.

Japan Producer Prices Rise 6.3% to Highest Level in Over Three Years

Japan's corporate goods prices rose 6.3% in May from a year earlier, marking the fastest pace of increase in more than three years as higher oil and petrochemical costs linked to tensions in the Middle East pushed up wholesale prices.

Bank of Japan Poised to Raise Rates to 1.0% as Inflation Risks Mount

The Bank of Japan is increasingly expected to raise its policy interest rate to 1.0% at next week's monetary policy meeting, responding to growing concerns that inflation could rise faster than previously anticipated due to soaring oil prices and other cost pressures.

Japan's Restaurants Struggle Under Inflation and Labor Shortages

The number of restaurant bankruptcies in Japan reached a record high for the January–May period, highlighting mounting pressures from rising costs, labor shortages, and increasingly cautious consumer spending.

Inside Casio’s Secret Project to Revive Its Manufacturing Spirit

Casio Computer, the company behind some of Japan’s most iconic consumer electronics including calculators, digital cameras, electronic musical instruments, and the G-SHOCK watch, is pursuing a new strategy aimed at reviving its tradition of product innovation.

Nippon Steel to Invest 400 Billion Yen in U.S. Steel Plant Expansion

Nippon Steel plans to invest up to $2.5 billion, or approximately 400 billion yen, over the next three years in the Mon Valley Works steel complex in Pennsylvania, one of the key facilities operated by U.S. Steel, the American steelmaker it acquired in 2025.

Japan Revises Q1 GDP Growth Down to 1.8% on Weak Capital Investment

Japan's economy grew at an annualized rate of 1.8% in the January–March quarter of 2026, according to revised gross domestic product (GDP) data released by the Cabinet Office, with the figure marked down from the preliminary estimate due largely to weaker-than-expected capital investment.

< 2 3 4 5 >