Released overnight, Japan’s August nationwide price inflation dipped to an annualised rate of just 0.3 per cent from 0.5 per cent in July. One of the lowest readings in almost 3 years, it underlines the struggle the nation has had with this intractable problem for decades. Excluding the cost of fresh food, their preferred measure, it’s currently running at 0.5 per cent Y/Y. To get a sense of perspective, CPI hit a record high in 1974 at 22.8 per cent, and has been under 5 per cent since 1982, with a record low minus 2.2 per cent in 2009.
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