Japan Consumer Prices Fall At Record Pace In June; Unemployment Climbs Further
7/30/2009 11:44 PM ET
(RTTNews) - Consumer prices in Japan continued to fall for the fifth consecutive month in June on a year-over-year basis, with the latest decline being the steepest on record, government data showed Friday. At the same, unemployment increased further.
Data released by the Ministry of Internal Affairs and Communication showed that consumer prices dipped 1.8% year-on-year in June, faster than the 1.1% fall in the preceding month.
Core consumer prices, which exclude fresh food prices, also dropped at a record pace, by 1.7% June, following the 1.1% fall in the preceding month. Economists had expected a 1.8% decline.
In June, most of the sub groups showed decline in prices, with the steepest drop of 6.6% being in transport and communication, followed by a 5.2% fall in utility prices. Education was the only group to show a rise in prices, by 0.9%.
Month-on-month, overall consumer prices were down 0.2% in June, and core consumer prices also dropped at the same pace.