Inflation in Japan hits 41-year high

In 2023, Japan's core Consumer Price Index (CPI) increased by 3.1 percent compared to the previous year.

According to data from the Ministry of Internal Affairs and Communications, when volatile fresh food products are excluded, Japan's annual core CPI rose by 3.1 percent in 2023 compared to the previous year.

This annual CPI growth rate was noted as being equivalent to the rate recorded in 1982, and was described as the "fastest in the last 41 years."

Among the reasons for the rise in inflation are the increase in raw material costs and the intermittent depreciation of the Japanese yen against foreign currencies.

According to the ministry's statement, Japan's December 2023 CPI recorded an increase of 2.3 percent compared to December 2022.