Japanese CPI printed 3.6% in June, modestly down from May’s 3.7% YoY, but hotter than the expected 3.5% YoY analysts predicted. If you don’t eat food or use energy then inflation merely bit 2.3% of your income this year but if you did then you may have noticed that energy costs are 9.1% higher YoY, TVs +8.0%, and Food +4.1% (both showing no signs of making Japan’s Misery Index any less, well, miserable). So when the Japanese politicians say “Abenomics is well on its way to achieving its goals…” they must mean ‘of lowering living standards for all Japanese people’.
Charts: Bloomberg
via Zero Hedge http://ift.tt/1rArlqx Tyler Durden