Bank of Japan Reports 94.5% of Japanese Feeling the Squeeze of Price Rises

In a March survey conducted by the Bank of Japan, 94.5% of respondents felt that prices had risen compared to one year ago. This included 62.8% who said they had “risen considerably,” which is the second highest level recorded, after the September 2008 survey with 94.6%. The survey is aimed at individuals in Japan aged 20 or over and is conducted every three months. The latest survey ran from February 3 through March 1 and received responses from 1,981 people.

Concerning their current living circumstances, 56.0% answered that they had “become worse off,” marking the third consecutive quarter that more than 50% of respondents felt that way. Almost half of respondents over the last three surveys said that their income had remained the same, while there was a gradual increase in the number of people saying their spending costs had risen.

Most respondents’ reported increased spending went on food. This was followed by daily necessities (such as detergent and sundries) and electrical appliances. The rising prices of daily necessities have forced people to up their expenditure, which is putting pressure on their household budgets.

(Translated from Japanese. Banner photo © Pixta.)