Japan inflation hits seven year high in April

RTE -- May 20
Japan's core consumer prices posted their biggest jump in seven years in April, official data showed today, as global commodity prices soared and the yen slumped against the dollar.

The core consumer price index, which excludes fresh food, jumped 2.1% year-on-year, according to figures released by the internal affairs ministry.

It was the first time since March 2015 that the figure has breached the 2% set by the Bank of Japan as its long-term inflation target.

The reading, compared to market expectations of 2%, is the eighth consecutive monthly increase following a 0.8% rise in March.

Excluding energy, prices were up 0.8% in April, higher than market expectations of a 0.7% rise.

That was the first positive figure since July 2020, underpinning the impact of skyrocketing energy costs which have been magnified by higher import prices.

After years of price stagnation, some manufacturers and stores in Japan who rely on imported resources have begun to raise prices.