The Bank of Japan’s report showed that consumer prices edged down for the eighth straight month in October. It is the longest decline since 2009-2011.
However, experts detected slight easing of deflationary pressures.
According to The Wall Street Journal, consumer prices, which exclude fresh food, decreased by 0.4 percent annually in the reporting period. These data confirmed the analysts' forecasts.
Earlier, in September, deflation was at 0.5 percent.
In general, prices for groceries grew by 0.1 percent, as compared to the forecast for zero growth. This is because soaring prices for fresh food offset a further decline in energy costs.
In October, fresh foods rose by 11.4 percent due to typhoons and bad weather in the summertime. Energy fell by 7.9 percent.
Consumer prices, which exclude food and energy, rose by 0.2 percent. Economists had forecast a 0.1 percent growth.
Earlier, the Bank of Japan set the target inflation rate at 2 percent, however, it is still far from this figure due to a weak consumer demand.
According to the latest BOJ forecasts, inflation, which excludes fresh food, will approach the target during the 2018 fiscal year.
