Faster Tokyo inflation supports near-term BOJ rate hike case
The consumer price index excluding fresh food rose 1.8% in August from a year earlier, picking up a tad after rising 1.7% in July, the internal affairs ministry has said.
Tokyo's consumer price index excluding fresh food surged 1.8% in August from a year earlier, according to the government's latest figures. This marks the third consecutive month of acceleration in inflation, with the index rising 1.7% in July. The Ministry of Internal Affairs and Communications released the data on Friday. The CPI excluding fresh food and energy increased 2% over the same period, while the overall CPI rose 1.9%.
Economists had anticipated a 1.7% increase for the CPI excluding fresh food. The Bank of Japan is widely expected to raise interest rates in September as the inflation trend continues.
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