Japanese consumer spending barely grows

TOKYO — Japanese household spending rose less than expected in July as consumers remained wary of loosening their purse strings in the face of higher prices, possibly complicating the central bank's plans to hike interest rates further in coming months.

Consumer spending edged up 0.1 percent in July year on year, compared with the median market forecast for 1.2-percent growth, government data showed on Friday. On a seasonally adjusted, month-on-month basis, spending decreased 1.7 percent versus an estimated 0.2-percent drop.