TOKYO — Japanese household spending rose for the first time in 14 months in April from the year earlier, data showed on Friday, although the tepid growth showed consumers remained reluctant to loosen their purse-strings in the face of higher prices.
Consumer spending rose 0.5 percent in April from a year earlier, data from the internal affairs ministry showed. That was slightly below the median market forecast for a 0.6-percent uptick.On a seasonally adjusted, month-on-month basis, spending fell 1.2 percent, versus an estimated 0.2-percent rise.'Personal consumption, which has been stagnant for a long time, continues to be weak,' said Masato Koike, economist at Sompo Institute Plus.
While spending on education, and clothing and footwear increased in April, expenditures in food, entertainment and utilities decreased, the government data showed.The consumption data comes a day after a Bank of Japan board member Toyoaki Nakamura, one of the more dovish members, said domestic consumption has been sluggish recently, expressing concern that inflation may fall short of the central bank's 2-percent target from fiscal 2025 onwards if such conditions persist.
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