TOKYO, Japan (AFP) — Japanese consumer prices picked up in January for the first time in almost a year, official data showed Friday, halting a long string of declines as Tokyo struggles to put deflation in the rear view mirror.
A nationwide consumer prices index, which excludes volatile costs of fresh food, rose 0.1 percent from a year earlier, the internal affairs ministry said.
The rise was the first uptick in 11 months and ended the longest string of declines in more than five years.
The increase is good news for the world’s number three economy, but separate data Friday showed household spending was weak, falling 1.2 percent year-on-year to suffer a decline for the 11th consecutive month.
Despite a tight job market, consumer spending — which accounts for more than a half of the country’s GDP — has remained in the deep freeze as wake hikes are meagre.
This week, Japan posted an unexpected drop in factory output for January, the first fall in six months and the latest red flag for the economy.
© Agence France-Presse