Consumer prices in Japan rose at the fastest pace in over four decades in January. Electricity, gas, and food costs in particular, are soaring.

Japan's internal affairs ministry said on Friday the consumer price index, excluding fresh food, rose 4.2 percent last month from a year earlier.

It is the fastest rate of inflation since September 1981, when the country was reeling from an oil-price shock.

A series of price hikes meant that shoppers paid 7.4 percent more last month for food, excluding fresh items, than a year earlier.

Utility bills for gas jumped 24.3 percent and electricity bills were up by 20.2 percent.

Ministry officials say they will continue to closely monitor price trends. They say power companies have applied for government approval to increase electricity rates for households.

Prices for food and other items are also expected to continue to rise.