Japan's consumer inflation rate hit a 41-year high of 4% in December, as prices for everything from burgers to gas surged.
That rate is still relatively low, compared to some other nations, including the U.S. Japan, the world's third-largest economy, has been fending off deflation, or chronically falling prices, for decades.
The Federal Reserve and many other central banks have raised interest rates to tame inflation but the Bank of Japan has kept its benchmark rate at a longstanding low level of minus 0.1%. Japan's core consumer price index, excluding fresh food, rose 2.3% in 2022 from the year before, the highest in 31 years, the ministry said.
Prices of various products, including snack bars, instant noodles and soy sauce, have climbed lately, with more price hikes expected.
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