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Japan's consumer prices suffer biggest fall in 3 years

Xinhua, April 28, 2016 Adjust font size:

Japan's consumer prices fell 0.3 percent in March from a year earlier due to declining energy prices, down at the fastest pace in three years, the government said Thursday.

The core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, stood at 102.7 against the 2010 base of 100, down by 0.3 percent year on year, said the government.

The fall, largest since April 2013, was mainly caused by lower energy prices, which declined 13.3 percent from a year earlier with gasoline prices down 20.5 percent and electricity fees down 9.0 percent, according to a government report.

Household spending,a key indicator of private consumption,fell 5.3 percent in March from a year earlier due to lower spending on clothes, leisure activities and gasoline, said the government in a separate report.

The Bank of Japan, far behind in reaching its goal of raising the inflation rate to two percent, will conclude a two-day policy meeting later in the day and make a decision on whether to take further action to boost inflation. Endit