Japan Inflation Quickens to Fastest Since 1991

Japan’s industrial production and household spending fell more than forecast and inflation surged to a 23-year high on a tax rise that is pinching consumers who have seen limited wage gains.

Production fell 2.5 percent in April from the prior month, the trade ministry said in today, more than a 2 percent drop forecast by economists surveyed by Bloomberg News. Household spending declined 4.6 percent from a year earlier, steeper than a projected 3.4 percent drop, while core consumer prices rose 3.2 percent.