According to Business Insiders, the energy crisis, which arose in Europe, caused higher inflation in Japan. Experts suppose that inflation may jump even more.
By now, the eurozone energy prices have reached unprecedented levels. A sharp rise in commodities recorded in some European countries boosted consumer prices in Japan. In July, the CPI advanced by 2.6% on a yearly basis.
If the European energy crisis deepens, the Japanese inflation rate is likely to remain high. Notably, in August, gas prices in Europe exceeded $3,500 per thousand cubic meters. The commodity is gaining in value amid a rise in Asian futures and expectations of a halt in the Nord Stream. According to the announcement, Gazprom will stop the gas supply to Europe for 3 days, starting from August 31.
Meanwhile, the Teikoku Databank survey found that prices of 2,431 items were scheduled to rise in August. In October, prices may jump once again.
In the middle of the summer, the Bank of England published data, which unveiled that 90% of Japanese citizens faced problems because of higher prices. In March 2022, only 22.4% of respondents emphasized a noticeable rise in goods prices.
