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Japan consumer prices up 0.8% on year in August mis/

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(Globalpost/GlobalPost)

Japan's consumer prices rose at their fastest pace in nearly five years in August, boosted by higher energy prices, government data showed Friday.

The prices rose 0.8 percent from a year earlier, the highest rise since November 2008 when they went up 1.0 percent, according to the internal affairs ministry.

The latest reading, which excludes volatile fresh food prices, was marginally higher than an increase of 0.7 percent economists had expected.

The rise stemmed largely from higher electricity bills and gasoline prices but could still encourage Prime Minister Shinzo Abe to push with his pro-spending economic policy.

Abe has pledged to reverse 15 years of deflation with active spending which he says will stoke growth.

The yen's depreciation under his regime has also contributed to pushing up import costs, which have resulted in higher consumer prices.

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http://www.globalpost.com/dispatch/news/afp/130927/japan-consumer-prices-08-year-august-mis-0