IANS | 08 Mar, 2024
Japan's household spending in January fell 6.3 per cent from a year
earlier, down for the 11th consecutive month while expanding from the
2.5-per cent drop in December, government data showed on Friday.
Households
of two or more people spent an average of 289,467 yen (about $ 1,957),
logging the biggest fall since a 6.5 per cent decline registered in
February 2021, the Ministry of Internal Affairs and Communications said,
Xinhua news agency reported.
By category, food expenditure,
accounting for around one-third of household spending, fell 2.7 per
cent, declining for the 16th straight month, as people spent less on
vegetables, seaweed and cooked food amid rising prices, the data showed.
Scale
of decline "could be trimmed in the coming months," attributing the
sharp fall in January to "one-off factors" such as the vehicle shipment
halts following safety test rigging at Daihatsu Motor Co, Kyodo news
reporter quoting a ministry's official.
Expenditures on
transportation and communication dropped 13.1 per cent overall and 30.4
per cent on autos, while outlays on electricity and other utilities were
down 9.4 per cent due to unseasonably warm weather.
Meanwhile,
spending on education jumped 29.6 per cent, due to increased fees for
admission examinations for private junior high schools and high schools.
Accounting
for more than half of Japan's gross domestic product (GDP), household
spending is a key gauge of private consumption in the country.
