TOKYO : Japan's core consumer inflation exceeded forecasts in May and an index excluding fuel costs rose at the fastest annual pace in 42 years, highlighting broadening price pressure that will keep the central bank under pressure to phase out its massive stimulus.The increase was driven by steady price h
TOKYO : Japan's core consumer inflation exceeded forecasts in May and an index excluding fuel costs rose at the fastest annual pace in 42 years, highlighting broadening price pressure that will keep the central bank under pressure to phase out its massive stimulus.
Core consumer inflation has now stayed above the central bank's 2 per cent target for 14 straight months, casting doubt on its view the recent cost-driven inflation will prove temporary. While energy costs fell 8.2 per cent in May year-on-year due to the effect of government subsidies, food inflation accelerated to 9.2 per cent last month from 9.0 per cent in April as prices rose for goods ranging from fried chicken, hamburgers to chocolates.
BOJ Governor Kazuo Ueda has stressed the central bank's readiness to keep ultra-loose policy until inflation is sustainably around 2 per cent and accompanied by wage hikes.
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