Japan's Scrapping of Utility Subsidies to Push Inflation Higher [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Japan's plan to phase out utility subsidies is likely to push inflation toward 3% over the summer, potentially complicating the Bank of Japan's thinking on the path of interest rate hikes. The government will end its subsidies on electricity and gas charges at the end of May while keeping its gasoline measures in place for the time being, economy minister Ken Saito said Friday. The announcement comes after data earlier in the day showed prices in Tokyo, a leading indicator of the national trend, rose at a slightly slower pace of 2.4% in March. Article content Article content Read more: Tokyo Inflation Slowdown Won't Knock the BOJ Off Rate Hike Path The end of the utility subsidies will likely push up the nation's key inflation gauge by half a percentage point between May and July, economists say, with an increase in renewable energy-related le
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