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Japan inflation up 0.9 percent in October

Nov. 29, 2013 at 1:16 AM   |   Comments

TOKYO, Nov. 29 (UPI) -- Japan's core consumer prices, its inflation index, jumped 0.9 percent in October, pointing to further strengthening of the economy after years of deflation.

Data released Friday by the Ministry of Internal Affairs and Communications showed the year-on-year October core consumer price index, which excludes volatile fresh food prices, was the highest growth in five years, spurred largely by energy price increases.

The inflation increase in September was 0.7 percent year-on-year.

The October increase, excluding both foods and energy, was up 0.3 percent. This increase in notable as it was the first time the rate moved into the positive territory since October 2008.

"As the effects of Abenomics further make progress, the move to start exiting from deflation has become clearer," Economic and Fiscal Policy Minister Akira Amari told a news conference, Kyodo News reported.

Abenomics refers to the economic policies of Prime Minister Shinzo Abe which include aggressive monetary easing and massive fiscal spending.

Topics: Shinzo Abe
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