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The Tokyo core inflation rate rose 0.1% y/y in September on higher energy price and accommodations, marking the first y/y gain in 14 months after being unchanged in August, data from the Ministry of Internal Affairs and Communications showed on Tuesday.
The core-core CPI (excluding fresh food and energy) -- a key indicator in the underlying trend of inflation – fell 0.1% y/y in September following -0.1% in August.
Prices for energy items rose 4.4% y/y in September, accelerating from +0.9% in August. Prices for accommodations rose 43.1% y/y in September vs. +46.6 in August due to the base effects of weaker prices last year caused by the government Go To Travel campaign.
Meanwhile, prices for communications fell 44.8% y/y in September, unchanged from August. Processed food prices in Tokyo, which the BOJ officials are focused on, rose 0.4% in September after being unchanged in August, see: MNI INSIGHT: Tankan Supports BOJ Econ Views; High Costs Eyed.