Inflation holds steady at 4.9% in October following lower fuel prices
The Corner Inflation held steady in October. The Consumer Price Index (CPI) placed its year-on-year rate at 4.9%, according to data released by the National Statistics Institute (INE), which cites falling fuel prices as one of the main drivers. Nevertheless, it remains the highest rate since February 2023. In detail, the groups that stood out for their downward pressure include food and…
Japan’s core consumer inflation is projected to exceed the Bank of Japan’s 2% target for the second consecutive month in October, according to a Reuters poll of 16 economists released on Friday. The nationwide core consumer price index, which excludes fresh food prices, is expected to have grown by 2.3% in October compared to the same period last year, surpassing the previous month’s 2.1% increase and marking the highest level since December last year.
Market economist Ryosuke Katagi of Mizuho Securities attributes the surge to the ongoing conflict between the US and Israel in Iran, which is driving up food prices and demand for daily necessities. The Bank of Japan's wholesale inflation data from Thursday revealed a rebound in October, driven by the Middle East situation and heightened demand for AI-related products and fuel.
Despite the central bank's decision to keep interest rates steady in October, it has stated its intention to maintain the price target. The internal affairs ministry will release the official Consumer Price Index (CPI) data on November 20 at 8:30 a.m. Tokyo time.
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