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For the first time in 41 years, Japan’s inflation in November hit a record-high of 3.7 percent month-over-month.

The Bank of Japan’s aim of 2% inflation was severely exceeded, according to figures issued by the Japanese Ministry of Internal Affairs and Communications on Friday.

The rapid rise in the price of food and commodities was the main driver of the inflation spike.
With the exception of perishable fresh foods, food costs increased by 6.8% from November 2021 to November 2022. The most significant price increases were seen in leaf lettuce (36.9%), vegetable oil (35%), chum salmon (26.8%), potato chips (18%), bread (14.5%), and fresh seafood (13.6%).

Gas prices grew by 21%, office and residential gas prices by 28.9%, and electricity costs by 20.1%. Prices for cellular networks skyrocketed by 20.1%, while transportation costs rose by 6.7%.

Due to the record-low exchange rate of the Japanese yen, prices in Japan have been rising for 14 consecutive months.

After Western nations placed sanctions on Russia due to its special military operation in Ukraine, the situation significantly deteriorated. As a result, energy supplies saw an unheard-of increase in price, forcing Tokyo to import a significant amount of them.

For the first time since 1990, the US dollar was trading at 150 yen in Japan in October.

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