Japan's September real wages fell for first time in 3 months as inflation bites

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geemong
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Japan's September real wages fell for first time in 3 months as inflation bites

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Japan's September real wages fell for first time in 3 months as inflation bites


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Japan's real wages declined in September for the first time in three months as inflation picked up faster than growth in nominal pay, the government said, a sign of global cost-push inflation starting to affect Japanese households.

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In September Japan's core consumer price index (CPI) posted 0.1 per cent growth from a year earlier, the first positive figure since March 2020, driven by rising energy and raw material costs.

Inflation-adjusted real wages, a key gauge of households' purchasing power, fell 0.6 per cent in September compared with the same month a year earlier, the labour ministry said on Tuesday.

It was the first decline in three months after a downwardly revised 0.1 per cent gain in August, due to accelerating consumer price inflation.

The CPI measurement now used by the labour ministry to calculate real wages is different from one closely watched by the Bank of Japan, as the former index still sets its base year to 2015, not 2020, and includes volatile fresh foods but excludes owners' equivalent rent.

This version of CPI posted 0.9 per cent year-on-year growth in September, the fastest pace since December 2019.

Nominal total cash earnings rose for the seventh straight month, up 0.2 per cent in September from a year earlier. It followed a downwardly revised 0.6 per cent advance in August.
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