Japan’s inflation rate has risen to a new record high as companies pass on rising expenses to their customers. Core consumer prices increased by 4% from a year ago in the previous month, which is twice the Bank of Japan’s (BOJ) target. Even though costs for everything from food to fuel have increased, the BOJ raised the interest rate on its 10-year government bonds from 0.25% to 0.5%. As a result, the value of the Japanese yen has grown, reaching its highest level since 1990 at 151 yen per dollar. Consumer prices are what households actually pay for goods and services, whereas producer prices refer to inflation at the wholesale level. For the ninth consecutive month, inflation was higher than the central bank’s goal rate of 2%, based on the official data made public on Friday, January 20. This was its highest point since 1981. Even with the price increase, Japan’s inflation rate remains among the lowest in the world.