Tokyo Core Consumer Prices Up 1.9 Pct in July

Tokyo, July 31 (Jiji Press)–Core consumer prices in central Tokyo rose 1.9 pct in July from a year before, following a 1.6 pct gain in June, Japan’s internal affairs ministry said Friday. The core consumer price index, which excludes volatile fresh food prices, in the capital’s densely populated 23 wards stood at 112.6 against the 2020 base of 100, increasing for the 59th consecutive month. The faster inflation reflected higher electricity and gas bills driven by surging crude oil prices amid the escalating conflict in the Middle East, as well as price hikes for domestic nondurable goods such as detergent. Energy prices inched down 0.7 pct in July, a smaller drop than the 2.3 pct decrease in the previous month. Electricity prices fell 0.3 pct and city gas rates dropped 1.8 pct. Prices for food, excluding fresh food, rose 3.9 pct. While rice prices dropped 8.4 pct, the third consecutive month of decline, prices for bento boxed meals and cakes increased due to higher ingredient costs. Prices for domestic nondurable goods, mainly bleach and kitchen detergent, rose 5.3 pct. Recreational durable goods prices were up 1.8 pct following price increases for tablet devices. The overall CPI, which includes fresh food prices, and the index excluding fresh food and energy were both up 2 pct. END [Copyright The Jiji Press, Ltd.]