While food prices continue to rise, the growth has slightly decelerated.
The Tokyo metropolitan area’s consumer price index (CPI) for December 2023, excluding volatile fresh food prices (mid-month preliminary figure, base year 2020=100), announced by the Ministry of Internal Affairs and Communications on the 9th, showed a comprehensive index of 106.1, indicating a 2.1% year-on-year increase. While this marks the 28th consecutive month of positive growth, the rate of increase has declined for the second consecutive month, reaching its lowest level since June 2022 (2.1%). Although food prices continue to rise, the growth rate has slightly decelerated.
Excluding fresh food, food prices rose by 6.0%. In November 2023, the increase was 6.4%, marking the fifth consecutive month of growth but with a slight contraction. The inflation rate remains elevated, with eggs rising by 22.7% and processed bread by 15.7%.
The overall index for Tokyo’s metropolitan area, excluding fresh food, increased by 3.0% on average in 2023 compared to the previous year. This growth accelerated from 2.2% in 2022, reaching the highest level since the 3.3% increase in 1982, marking the highest level in 41 years since the second oil crisis.
Source: Nikkei 9th January 2024
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