Japan’s Core Inflation up 3.2%

Japan’s consumer prices rose 3.2 percent from a year earlier in April to the highest level since 1991, the government said Friday, largely due to a sales tax increase.

Other April data for the world’s third-largest economy were largely in line with forecasts. Industrial production fell 2.5 percent from a year earlier and household spending sank 4.6 percent. Unemployment was 3.6 percent, the same as in March.

Japan raised its sales tax to 8 percent in April from 5 percent. Japan’s central bank estimates that 1.7 percentage points of the inflation rate in April could be attributed to the tax hike. The 3.2 percent figure is for the core consumer price index, which excludes fresh food.

Fox News

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