The year-to-year consumer prices index (CPI) in Japan grew to 4% in December 2022, which is a new record over the last 32 years, the Statistics Bureau of Japan (BOJ) said on Friday. According to the bureau's data, the annual inflation in December last year has become the highest since November 1990, when the showing reached 4.2%. In November 2022, the CPI was around 3.8% in annual terms. The month-to-month inflation rate was 0.2% in December 2022, and the same figures were record a month earlier.

The base consumer prices index in the country, which does not include the cost of perishable food, was also sitting at annual 4% in December after hitting 3.7% in November, which correlated with the forecast by DailyFX. The showing has become the highest since 1981. In 2013, the BOJ announced a "price stability target" of 2% annual inflation. The year 2022 will become the first to exceed this benchmark since 2015.

Credit : Independent News Pakistan-INP