In Tokyo, the Consumer Price Index exceeded the Bank of Japan’s 2 percent target in December.

In Tokyo, the Consumer Price Index (CPI) rose 4 percent in December 2022 compared to the same period of the previous year, driven by increasing energy and raw material costs.

Excluding variable fresh food products, inflation in Japan’s capital Tokyo has been rising for 16 months, according to data from the Ministry of Interior and Communications (Soumya).

Driven by rising energy and raw material costs, the CPI in Tokyo in December 2022 increased by 4 percent compared to the rate in December 2021.

Excluding the impact of consumption tax increases, this rate was recorded as the highest rate of growth in inflation in the Tokyo region since 1982.

According to the data released for December 2022, food prices in Tokyo increased by 7.5 percent, while city gas increased by 36 percent and electricity by 26 percent.

Among the reasons for the increase in inflation is the rise in energy and raw material costs and the intermittent depreciation of the Japanese Yen against exchange rates.