Japan's inflation rate down to 2.2 percent in January

(MENAFN) Data showed that Japan's inflation rate dropped to its lowest level since after Tokyo launched a high-profile offensive aimed at conquering years of falling prices and weak growth, Arab News reported.

The government released data revealed that the world's third largest economy's inflation rate came in at 2.2 percent last month, down from 2.5 percent in December.

The disappointing registered figures, weighed by weak consumer spending and falling energy prices, challenge Bank of Japan chief's claim that inflation rate is on an upward trend.

Prices had been on the rise, largely due to Japan having to import pricey fossil fuels to plug an energy gap left by the shutdown of atomic reactors in the wake of the 2011 Fukushima accident.