Japan’s annual inflation soars to 3-decade high in October

ANKARA

Japan’s annual consumer inflation rate rose to 3.7% in October, the highest since January 1991, according to official data released on Friday.

The figure accelerated from 3% in September, mainly due to rising prices of food and raw materials, the Statistics Bureau of Japan said.

Prices of food surged 6.2% year-on-year in October, up from the 4.2% jump recorded in September.

Housing costs rose 1.1% on an annual basis, while fuel, light, and water charges surged 14.6% in October.

On a monthly basis, Japan’s consumer price index increased by 0.6% in October, its fastest pace since April 2014, following a 0.3% rise in September.