Consumer prices within Tokyo’s 23 wards rose in October at the fastest pace since 1989. The consumer price index for the capital was up 3.4 percent from a year earlier.
The internal affairs ministry said on Friday that the index reached its highest level since June 1982, if the effects of the consumption tax hikes are excluded.
Officials say higher import costs, due to the weaker yen, and soaring prices for raw materials drove food prices up by 5.9 percent.
The prices of fresh food items are excluded because weather conditions cause them to fluctuate widely.
The prices of fast-food hamburgers, chocolate and imported pork went up 18.3 percent,10.8 percent and 7.4 percent respectively.
Gas bills soared 28.8 percent and electricity bills jumped 26.9 percent.
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Japan’s Finance Minister Ready for “Decisive” Action on Yen Speculation
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The Japanese government’s Finance Minister, Shunichi Suzuki, says the country is prepared to take “decisive” action in the foreign exchange (forex) markets to ease the volatility surrounding the yen. Suzuki warned that it would only be forced to do so if investors continued to sell off the yen at remarkable speed.
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