Japan's household spending fell in March for the first time in three months, though the 2.3% drop was smaller than expected, as consumers remained cautious despite some easing of COVID-19 curbs.
While lower coronavirus risks have boosted consumer activity since April, rising living costs may cramp Japan's consumption-led recovery for the rest of 2022, analysts say. Inflation is at a multi-year-high in the world's third-biggest economy, fanned by war in Ukraine and the yen's skid to 20-year-lows.
Household spending in the January-March quarter was down 1.8% from the previous quarter, the data showed, as curbs to combat the Omicron COVID variant lasted until late March. On a seasonally-adjusted, month-on-month basis, spending rose 4.1% in March, which was the first rise in three months and stronger than the forecast 2.6% growth.
"However, as energy costs such as electricity bills as well as food prices have been rising, the upcoming rebound in consumption might end up not as strong as expected," he said.
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