Tokyo Core Consumer Prices Up 2.5％ in Feb.

Jiji Press

13:14 JST, March 5, 2024

Tokyo (Jiji Press)—Core consumer prices in central Tokyo gained 2.5 pct from a year before in February, with the growth rising back above the Bank of Japan’s 2 pct inflation target after slowing to 1.8 pct in the previous month, government data showed Tuesday.

The core consumer price index, which excludes often volatile fresh food prices, came to 106.2 for Tokyo’s densely populated 23 special wards, against 100 for the base year of 2020, rising for 30 months in a row, the internal affairs ministry said.

The pace of falls in electricity and city gas fees slowed as the effect of government measures to cushion the impact of rising energy prices weakened.

Overall energy prices fell 7.9 pct, smaller than the 20.1 pct decline in January. Electricity fees dropped 4.9 pct, compared with January’s 22.2 pct fall, and city gas fees were down 16.4 pct, against the 24.7 pct decline.

The government measures started to help push down energy prices in February 2023, and their effect ran its course as one year has passed since the introduction.

Accommodation fees soared 33.3 pct in the latest reporting month, reflecting price hikes amid labor shortages and due to higher demand backed by a rise in the number of inbound tourists.

Prices of food excluding fresh food rose 5.0 pct, against the 5.7 pct increase in January, due to the deceleration of the growth in prices of eggs, milk and related products.

The overall CPI, including fresh food prices, was up 2.6 pct, and the index excluding fresh food and energy prices expanded 3.1 pct.

Nationwide consumer price data for February will be released on March 22.