Japanese wage growth slows as oil, food costs soar

Japan's wages grew at the slowest pace this year, adding to the likelihood households will cut spending as they grapple with higher food and gasoline prices.

Monthly wages, including overtime and bonuses, rose 0.3 percent to 388,315 yen ($3,573) in July from a year earlier, after a 0.4 percent gain in June, the Labor Ministry said in Tokyo yesterday.

The government last week announced measures to help people and businesses cope with surging energy costs that are crippling the world's second-largest economy.