Inflation hits 40-year high in Japan

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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. 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.

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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. The deficit for 2022 is the largest since comparable data was made available in 1979. 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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