Japan: Inflation Hits 40-Year High Families With Children Under Severe Impact

As inflation hit a 40-year high in Japan, families with children in the country are finding it hard to tackle the impact of inflation on consumer prices which skyrocketed to its highest level in December

Tokyo [Japan]: As inflation hit a 40-year high in Japan, families with children in the country are finding it hard to tackle the impact of inflation on consumer prices which skyrocketed to its highest level in December, NHK World reported.

Moreover, Japan has also posted its highest-ever annual trade deficit on record during the year 2022, attributing it to the weaker Japanese currency yen and the soaring energy prices. One working couple with a 5-year-old daughter in Tokyo said the circumstances may compel them to make sacrifices that would negatively impact their child, according to NHK World.

They claimed that their electricity bill in December was 50 per cent higher than last year’s, and their gas bill was up by 20 per cent due to a surge in inflation in Japan.

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For most in Japan, the annual food and gasoline bills have increased by almost 20,000 yen or approximately 160 dollars.
Citing the labour ministry, NHK World reported that when adjusted for inflation, real wages in November fell 3.8 per cent from a year earlier and now it is the 8th month in a row that they have declined.
The deficit for 2022 is the largest since comparable data was made available in 1979.

Japan’s imports surged a little above 39 per cent in yen terms, which outpaced an 18.2 per cent increase in exports, the report by NHK said.

Costs for crude oil, coal, and liquefied natural gas were up significantly. The weaker yen also contributed to the rise in their prices.

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