Wed, 17 Aug 2022

TOKYO, July 6 (Xinhua) -- About 90 percent of Japanese felt prices have been rising compared to a year earlier, the highest in 14 years, a survey by the Bank of Japan (BOJ) revealed Wednesday.

A sharp drop in the yen in the first half of this year has sent energy and food prices soaring across the country.

In the survey conducted quarterly, a combined 89.0 percent of respondents said prices increased "significantly" or "slightly" compared to a year earlier, up 7.8 percentage points compared to the previous poll in March, marking the highest level since September 2008.

Among all the surveyed, 82.9 percent said rising prices are "unfavorable".

As for expectations for a year from now, 87.1 percent said they expected prices to rise significantly or slightly, also hitting the highest level since June 2008.

The BOJ has been struggling to attain its 2-percent inflation target in a country long stuck in a deflationary mindset. However, inflation pushed by rising costs is seen by the central bank as transitory and households are now feeling the pain without strong wage growth.

About 43.2 percent said they were worse off from a year earlier, up from 41.7 percent in the March survey. Among those who said household conditions have been worsening, 78.9 percent said rising prices were to blame.

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