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The annual inflation rate in Japan dropped to 2.2% in January 2024 from 2.6% in the prior month, pointing to the lowest figure since March 2022.
Food prices rose the least in 16 months, cost eased for healthcare, culture & recreation, communication, and miscellaneous.
At the same time, prices of fuel, and light fell for the 12th month, due to electricity and gas.
By contrast, inflation was unchanged for housing, clothes, and furniture & household utensils.
Meanwhile, prices accelerated for transport and education.
The core inflation rate fell to a 22-month low of 2.0% from 2.3% in December, above market consensus of 1.8%, but within the Bank of Japan’s 2% target after surpassing that level for 21 months.
Monthly, consumer prices were flat after edging up 0.1% in December.
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