Tokyo's core consumer prices post biggest annual drop in over 8 years
[TOKYO] Core consumer prices in Tokyo fell 0.7 per cent in November from a year earlier, marking the biggest annual drop in more than eight years, a sign the hit to consumption from the coronavirus crisis was heightening deflationary pressure on the economy.
The core consumer price index (CPI) for Japan's capital, which includes oil products but excludes fresh food prices, matched a median market forecast and followed a 0.5 per cent drop in October, government data showed on Friday.
The decline in November was the biggest since May 2012, when core consumer prices fell 0.8 per cent.
The data, which is considered a leading indictor of nationwide price trends, reinforces market expectations that inflation will remain distant from the Bank of Japan's 2 per cent target for the foreseeable future.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch