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Market Update: Japan Consumer Prices Drop for 11th Month
Japan’s consumer prices declined by 0.4% yoy in August 2021, after a 0.3% drop a month earlier. This was the eleventh straight month of decrease in consumer prices, amid weakening consumption due to the ongoing COVID-19 pandemic. Food prices fell 1.1%, the most in four months, after a 0.6% decrease in July. Also, cost of transportation & communication declined at a steeper rate (-6.6% vs -5.4%) amid a slower fall in prices of medical care (-0.1% vs -0.5%). In contrast, cost rose further for housing (0.7% vs 0.6%), fuel, light and water charges (2.5% vs 2.2%), furniture and household utensils (2.9% vs 2.4%), culture & recreation (3.7% vs 1.9%), education (1.2% vs 1.1%), and miscellaneous (1.2% vs 1.2%). Core consumer prices, which exclude fresh food, were flat in August, in line with forecasts and ending a decrease for the first time in 13 months. On a monthly basis, consumer prices dropped by 0.2%, swinging from a 0.2% gain in June. source: Ministry of Internal Affairs & Communications [/s2If]
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