Inflation in Japan accelerated up to 2.8% in May

11:27 - 21.06.2024

June 21, Fineko/ Consumer prices in Japan rose 2.8% year-on-year in May, ABC.AZ reports, referring to the Japanese Ministry of Internal Affairs & Communications.

The rate of recovery increased from 2.5% in April and became the highest since February of this year.

Prices excluding fresh food (a key indicator monitored by the country's central bank) increased by 2.5% last month after increasing by 2.2% in April. This turned out to be below the average forecast of analysts, The Japan Times writes.

The key inflation indicator in Japan has been held at the target level of the Japanese Central Bank of 2% or higher for 26 consecutive months.

The acceleration in the rate of price growth was primarily due to a sharp jump in the cost of electricity (by 14.7%), which had previously been declining for 15 months in a row. Food rose in price by 4.1%, clothing by 2.2%, transport services by 2.3%, while the cost of educational services fell by 1%.