Core consumer prices in Japan’s capital Tokyo, a gauge of national inflation, rose 2.8% in September from a year earlier, beating the Japanese central bank’s 2% target for the fourth straight month and marking the highest increase since 2014.
The data reinforced market expectations that core consumer inflation across the country will approach 3% in the coming months and could cast doubt on the Bank of Japan’s view that recent price hikes due to rising production will be temporary.
The core Tokyo Consumer Price Index, which includes oil products but excludes fresh food prices, was in line with market expectations after rising 2.6% in August.
The reading equaled the June 2014 rate.
Prices rose for a wide range of goods and services, from electricity bills and chocolate to sushi and hotels, data showed on Tuesday, indicating that more companies were passing on rising raw material costs to households. .
The data are among the key factors the Bank of Japan will examine when it produces new quarterly growth and inflation forecasts at its next monetary policy meeting on October 27-28.
National consumer price data for September will be released on 21 October.
Source: CNN Brasil
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