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Japan consumer prices edge up 1.0% in February

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Japan's consumer prices edged up 1.0 per cent in February, government data showed Friday, but inflation was still far below a longstanding target.

[TOKYO] Japan's consumer prices edged up 1.0 per cent in February, government data showed Friday, but inflation was still far below a longstanding target.

Japan has notched up eight straight quarters of economic growth - the longest positive run since the "bubble" boom days of the late 1980s.

But it has struggled to achieve the 2.0 per cent inflation rate thought crucial to boosting the world's third-largest economy.

Government data released Friday showed the core inflation rate, which excludes volatile fresh food prices, stood at 1.0 per cent in February, up from 0.9 per cent in the previous three months.

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That was in line with market expectations, according to data compiled by Bloomberg News.

With fresh food and energy stripped out, prices rose by even less - just 0.5 per cent in February, the ministry said.

Japan has battled deflation for many years and the central bank's ultra-loose monetary policy appears to be having limited impact.

The bank has signalled it has no plans to drop the policy, despite moves in that direction in other major economies.

Last week, Japan's parliament approved Haruhiko Kuroda for a second term as central bank governor, handing the veteran finance chief more time to battle deflation and boost the world's third-largest economy.

AFP

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