Climate change, a global pandemic and war — there’s a lot to grapple with at the moment, and now we’re all being told that prices of everyday goods are rising as well.
According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) rose 8.5% in March compared to last year — levels not seen since 1982. Oil prices may have dropped in the early days of the pandemic, but they have since soared with increased demand, hitting a seven-year high. The war in Ukraine has further impacted prices.
In Japan, the recent price hikes have not gone unnoticed. According to a survey conducted by the Bank of Japan between Nov. 5 and Dec. 1, 78.8% of households expect prices to be higher a year from now. Tokyo may already be feeling the pinch; in March, the cost of living in the capital increased by the biggest amount in over two years, primarily driven by rising energy bills — a key indication of things to come for the rest of the nation.
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