Inflation in Japan hits seven year high

currency of japan

Japan’s core consumer prices posted their most significant jump in seven years in April, official data showed Friday, as global commodity prices soared and the yen slumped against the dollar.

According to figures released by the internal affairs ministry, the core consumer price index, which excludes fresh food, jumped 2.1 percent year on year.

It was the first time since March 2015 that the figure has breached the 2.0 percent set by the Bank of Japan as its long-term inflation target.

Against market expectations of 2.0 percent, the reading is the eighth consecutive monthly increase following a 0.8 percent rise in March.

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