Japan's annual inflation hits 16-month low

By Gokhan Ergocun

ISTANBUL (AA) – The annual inflation rate in Japan came in at the lowest level for the last 16 months in November, official figures revealed on Friday.

The consumer price index was at 2.8% last month, down from 3.3% in October, said the Internal Affairs and Communications Ministry.

The rate was at 2.6% in July 2022 and over 3% level for the last 16 months, even over the 4% level for a couple of months.

The core inflation rate was also at 16-month low with 2.5% in November.

Despite the interest rate hike moves by major central banks for a while, the Bank of Japan kept its policy interest rate at minus 0.1% for a long period and continued to implement loose monetary policy.