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
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fed survey cites inflation, US election as key financial stability risks
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015