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Goldman Sachs Look For Different Dynamics In Tokyo Core CPI Measures


Goldman Sachs expect “the Tokyo new core CPI (excludes fresh food and energy) to accelerate to +3.2% Y/Y in March, from +3.1% in February, fuelled mainly by continued price increases for food & beverages. Railway fares in Tokyo increased on March 18, and we assume this will be reflected in April CPI data. On the other hand, we expect electricity & gas prices to decelerate further in March on base effects (prior-year hikes), and that the core CPI (excludes fresh food) will reflect this, slowing to +3.1% from +3.3% in February.”

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