Japan Verbraucherpreise

The annual inflation rate in Japan climbed to 2.9% in November 2024 from 2.3% in the prior month, marking the highest reading since October 2023. Food prices rose at the steepest pace in eight months (4.8% vs 3.5% in October), with fresh vegetables and fresh food contributing the most to the upturn. Meantime, electricity prices (9.9% vs 4.0%) and gas prices (5.6% vs 3.5%) sharply accelerated with the absence of energy subsidies since May. Additional upward pressure also came from housing (0.9% vs 0.8%), clothing (2.9% vs 2.8%), transport (0.9% vs 0.5%), furniture and household utensils (3.7% vs 4.4%), healthcare (1.6% vs 1.7%), recreation (4.5% vs 4.3%), and miscellaneous items (1.1% vs 1.1%). In contrast, prices fell further for communication (-3.0% vs -3.5%) and education (-1.0% vs -1.0%). The core inflation rate rose to a 3-month high of 2.7% in November, up from 2.3% in October and surpassing estimates of 2.6%. Monthly, the CPI increased by 0.6%, the highest figure in 13 months.