Japan's annual inflation rate surged to 2.9% in November 2024, the highest since October 2023, up from 2.3% in October. Food prices spiked 4.8%, driven by fresh vegetables and fresh food. Energy costs soared as electricity prices rose 9.9% and gas prices jumped 5.6% due to the absence of subsidies. Core inflation hit a 3-month high of 2.7%, while the monthly CPI climbed 0.6%, the steepest increase in 13 months.

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