TOKYO: Japanese household spending suffered its biggest drop in nearly two-and-a-half years squeezed by rising prices, although volatility in some items meant the outlook might not be as gloomy as the headline figures suggested. Japan's economy grew much faster than expected in the second quarter, helped b
TOKYO: Japanese household spending suffered its biggest drop in nearly two-and-a-half years squeezed by rising prices, although volatility in some items meant the outlook might not be as gloomy as the headline figures suggested.
The household spending fell 5.0 per cent in July from a year earlier, official data showed on Tuesday, sliding for five consecutive months and more than the median market forecast for a 2.5 per cent decline. Spending on dining out, transportation, culture and entertainment services increased with an uptick in the number of people who went out, but there were declines in a wide range of areas such as food and housing, an official at the Ministry of Internal Affairs and Communications said.
Japan's core consumer price index, which includes oil products but excludes volatile fresh food prices, rose 3.1 per cent in August followed by a 3.3 per cent increase the previous month. It held above the Bank Of Japan's 2 per cent inflation target for the 16th straight month.
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