“The Bank of Japan (BoJ) expects prices to rise faster than officials had anticipated at their July meeting.“, reports MNI citing people familiar with the central bank’s thinking.
But the sources add that a jump in inflation to 3% or more later this year will not be enough to trigger any change in his ultra-loose monetary policy stance unless it is fueled by an acceleration in wages next spring.
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“Rising food prices, supply constraints, and the failure of government subsidies to curb rising gasoline prices they are going to push inflation well above the BoJ’s 2% price stability target“.
“But without significant salary increasesBoJ officials will hold to the view that annual CPI gains are likely to slow or taper off in FY2023.”
“Retailers are increasingly willing to raise prices as leading brands lead the way. Retail prices, especially services, tend to be revised in April and October, with more than 6,300 items seeing increases in October, up from 2,431 in August.”
“Subsidies aimed at limiting the increase in gasoline prices have only had a limited effect at the retail level, especially outside the largest cities, and are scheduled to end on September 30.”
“Wholesale prices of mostly imported durable goods are also rising, putting pressure on retailers to raise their own prices..”
Source: Fx Street
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