(MENAFN- Qatar News Agency) Japan's consumer price index (CPI) rose 1.2 percent in November from a year earlier for the fastest expansion in five years due to higher prices of energy and certain consumer durables, the government said Friday.
The CPI increased for the sixth straight month after a 0.9 percent gain in October and posted the sharpest rise since October 2008, according to the Ministry of Internal Affairs and Communications.
November's rise was largely attributed to rising gasoline and other energy prices, the ministry said in a report, adding that durable leisure goods, including laptop computers and TVs and stereos, also pushed up the CPI.
Japan's energy costs rose in the wake of a growing need for fossil fuel to substitute for nuclear power generation following the March 2011 radiation crisis in Fukushima. In April, the Bank of Japan (BOJ) launched the massive monetary easing program to end deflation that has lasted for nearly 15 years to revive the Japanese economy.
BOJ Governor Haruhiko Kuroda said on Thursday that the Japanese economy is on track to achieve the central bank's 2 percent inflation target in fiscal 2015, showing confidence with the effects of BOJ's drastic monetary easing policy.
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