TOKYO -- Major Japanese retailers suffered a 5% drop in operating profit on the year in September-November, as protracted inflation squeezes household spending on daily necessities like food.
Inflation
Japan retailers suffer first profit drop in 3 years as inflation bites
Thrifty consumers reduce purchases while labor and sales costs grow
Supermarkets and convenience stores, which sell daily necessities, were hit especially hard in the September-November quarter. (Photo by Yutaka Miyaguchi)
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