Japan average gasoline price rises to 7-yr high

© Kyodo News

The average retail gasoline price in Japan climbed to its highest level in seven years earlier this week, reflecting a recent global surge in crude oil prices, the Ministry of Economy, Trade and Industry said Wednesday.

The average price for regular gasoline stood at 162.10 yen ($1.4) per liter as of Monday, advancing 2.10 yen from Oct. 4 and hitting its highest level since October 2014, according to the ministry.

The surge in crude oil prices over the past few weeks has raised fears over increasing inflation and stirred uncertainty over the global economy.