Japan’s consumer price index drops in February

By DPA,

Tokyo : Japan’s key consumer price index (CPI) fell 1.2 percent in February year on year, making it the 12th consecutive month of decline, the ministry of internal affairs and communications said Friday.

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The CPI, which excludes volatile fresh food prices, stood at 99.2 against the base of 100 for 2005, the ministry said in a preliminary report.

The falling prices have been a major concern for the world’s second largest economy, suggesting persistent deflationary pressure in Japan.

“Once again we believe that further efforts are needed to beat deflation,” Finance Minister Naoto Kan said.