Consumer inflation in Tokyo hits another 40-year high

Consumer prices in Japan's capital continue to rise at the fastest pace in about four decades. Tokyo residents have been hit especially hard by soaring electricity, gas, and food costs.

The internal affairs ministry says the consumer price index for December rose 4.0 percent from a year ago in the metropolis's 23 wards.

That was the highest figure since April, 1982.

A series of price hikes by firms lifted retail food prices by 7.5 percent.

That's the biggest increase since August, 1976.The reading excludes fresh food whose prices tend to fluctuate widely depending on weather conditions.

Higher natural resource prices pushed up total energy costs with gas bills soaring 36.2 percent and electricity 26 percent.

The ministry also released full-year numbers.

Tokyo's 2022 consumer inflation came at 2.2 percent. That's the fastest pace in 30 years, if the effects of the consumption tax hikes are excluded.

Tokyo's CPI is considered to be a leading indicator of inflation nationwide.

Source: https://www3.nhk.or.jp/nhkworld/en/news/20230110_13/