Japan's Household Spending Drops 1.8% in May, Missing 0.3% Forecast and 0.5% Previous

Jul 4, 2024, 11:32 PM

Japan's household spending for May 2024 saw a significant decline, falling by 1.8% year-on-year, which is considerably worse than the forecasted 0.3% and the previous figure of 0.5%. On a month-on-month basis, household spending decreased by 0.3%, also falling short of the expected 0.5% and the previous month's decline of 1.2%. Government officials attributed the decrease in spending to higher food prices, which have impacted consumer expenditure. The Reuters poll had predicted a 0.1% increase.