MNI BRIEF: Aug Trimmed Mean Flat At 3.3% - BOJ
Japan's trimmed mean measure of underlying inflation rose 3.3% y/y in August, unchanged from July's 3.3%, showing pass-through of cost increases continued, although the import prices fell y/y for the fifth straight month, data released by the Bank of Japan showed on Tuesday.
Data released on Friday showed Japan's annual core consumer price index rose 3.1% in August, unchanged from July's 3.1% but above the Bank's 2% target for the 17th straight month.
Tuesday's data showed the mode, which is the inflation rate with the highest density in the distribution, stayed at a record high of 3.0% y/y in August, unchanged from July's 3.0%. The mode-based measure of underlying inflation was above the BOJ's 2% price target for the seventh straight month.
The BOJ board in July revised up the median forecast for core CPI to 2.5% from April’s 1.8% but maintained the view that the y/y rise would slow. BOJ Governor Kazuo Ueda has said that the underlying inflation trend is still a bit lower than the bank's 2% target.