The government plans to allow seven of Japan’s major power companies to raise household electricity prices from June, which is likely to further accelerate inflation.
Chief Cabinet Secretary Hirokazu Matsuno said at a news conference Tuesday morning that the price hike would range from 14% to 42%. Tokyo Electric Power Company Holdings, which supplies power to the capital, has received the approval for the fewest rate hikes among regional power companies.
Power companies in the resource-poor country have been hit hard by the global energy crisis as the cost of importing fossil fuels soars. Electricity price hikes will accelerate inflation momentum as the Bank of Japan focuses on the sustainability of inflation.
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