Consumer Price Index Down for Fourth Straight Month
June 29, 2007
By Ken Worsley
After a 0.1% fall in April, Japan’s core consumer prices have fallen 0.1% yet again in May, according to data released today by the Statistics Bureau. Core consumer prices in Japan do not include fresh food, but do include fuel and energy prices.
The decline was held in check by rising prices in medical care (1.2%), as well as miscellaneous goods (1.2%). Furniture and household utensils (-1.4%) and Reading and recreation (-1.4%) led the decline.
With fresh food prices included, the Consumer Price Index rose 0.3% against May 2006.
Comments from Cabinet ministers revealed no change in their opinions: Economic and Fiscal Policy Minister Hiroko Ota told reporters, “Although there is some weakness in production, the economic recovery trend continues…My view on the end of deflation hasn’t changed…Japan has not yet entirely escaped deflation.”
Finance Minister Koji Omi said, “[The data] confirms the government’s view that the overall economy continues to recover in a solid manner.”
Filed Under Consumer Price Index, Economic Reports, Economics
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[…] things must worry the bank at this point. First, despite Fukui’s comments on prices, the Consumer Price Index has fallen four consecutive months to May, and in spite of Fukui’s incessant claims that it will rise once last year’s high oil […]