Inflation in Japan Reaches Highest Rate Since 1981

The pace of rising prices in Japan accelerated in November to an unprecedented level since 1981, driven by rising energy costs, as revealed by data published by the French Press Agency. Data released by the Ministry of Internal Affairs indicated that core consumer prices, which exclude the volatile costs of fresh food, rose by 3.7 percent last month compared to the same period last year. The largest increases were recorded in the prices of processed food, electricity, and long-lasting goods such as air conditioners. The figures for November in Japan are lower than those recorded in the United States, the United Kingdom, and other places, but they significantly exceed the long-term target set by the Bank of Japan, which aims for an inflation rate of only 2 percent. Even after excluding fresh food and energy, the index recorded an increase of 2.8 percent.