Japanese consumer prices, excluding food, rose in March for the 15th consecutive month. This time, the growth was 0.9% against the backdrop of rising energy prices. The value of kerosene has jumped by 13.3% and that of gasoline by 7.5%, said the ministry of interior and communications.
The main inflation, which does not take into account the prices of fresh food, was 100.6 points compared to the base of 100 points for 2015.
The consumer prices, including food, rose by 1.1% yoy in March, after a 1.5% growth in the previous month. This is the slowest acceleration in inflation since December 2017. On a monthly basis, the consumer prices were down 0.4% after rising 0.1% in February. The fall in March was the first in a year and was mainly due to the decline in food prices.
Despite rising rates, the March’s inflation remains far from the 2% target set by the Central Bank of Japan five years ago, when it launched its monetary relief program to overcome deflation undermining the foundations of the world’s third-largest economy more than a decade.
Earlier this month, the Governor of Japan’s Central Bank, Haruhiko Kuroda, began his second term at the head of Bank of Japan, committing himself to pursuing a monetary policy that is extremely conducive to boosting the business.
“The Japanese economy is close to the bank’s target of 2 percent inflation, and we will continue our monetary policy measures”, said Kuroda.