Painful price hikes are in the offing in Japan, with consumers paying more for everything from gasoline and electricity to rice balls, burgers and even diapers.
Russia's invasion of Ukraine has added to the gloom for companies that have already been passing on surging raw materials costs to consumers. Crude oil, natural gas, wheat and other commodities have jumped, ramping up inflationary pressures in Japan, known for its long experience with deflation.
Consumer price inflation looks set to accelerate in the coming months toward 2% and may exceed the target set by the Bank of Japan, economists say.