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Japan's consumer prices drop 0.1 pct in September

Xinhua, October 30, 2015 Adjust font size:

Japan's consumer prices fell 0.1 percent in September from a year earlier, marking the second consecutive month of decline, the government said Friday.

The core consumer price index, which excludes volatile fresh food prices, stood at 103.4 against the 2010 base of 100, according to the data of the Ministry of Internal Affairs and Communications.

According to the ministry, the decline was partly caused by a sharp drop in energy prices, which plunged 12.1 percent in September, with gasoline prices falling 19.5 percent and heating oil tanking 25.1 percent.

Meanwhile, average monthly household spending, a key indicator of private consumption, declined an inflation-adjusted 0.4 percent from a year earlier.

The decline of the consumer prices in September, following a 0.1 percent drop in the previous month, further dims the outlook of the Bank of Japan's goal of raising the inflation rate to 2 percent by the first half of fiscal 2016.

As the Bank of Japan is to release its latest monetary policy decision later in the day, many analysts project that the bank will have no other choice but to expand its already massive stimulus program. Endit