Prices in Japan reached a new four-decade high as businesses continued to pass on rising costs to consumers, according to data released on Friday, indicating that price increases were spreading and might put the central bank under pressure to reduce massive stimulus.
The core consumer price index in Japan climbed 3.7% on an annualized basis in November, the fastest pace since December 1981 when it rose by 4%.
While the November figure is above the Bank of Japan’s long-term target of 2.0%, it is much below the sky-high levels that have been seen in the United States, Britain, and elsewhere.
The number was in line with analysts polled by Reuters, and it follows a reading of 3.6% last month.
The overall national consumer price index was 3.8%.