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Free AccessMNI BRIEF: Japan Apr Core CPI Rises 3.4% Vs Mar 3.1%
Japan's annual y/y core CPI rose 3.4% in April – accelerating from March's 3.1% – beating Bank of Japan expectations, Ministry of Internal Affairs and Communications data released Friday showed.
Higher food prices, excluding fresh food, and lower energy price drove the latest print, which will increase pressure on the BOJ to revise up the median forecast for core CPI this fiscal year from 1.8% made in April. The strong price view may prompt the BOJ to change its forecast that the y/y rise in core CPI will fall below 2% toward the middle of fiscal 2023.
The underlying inflation rate measured by the core-core CPI (excluding fresh food and energy) rose 4.1% y/y in April, also accelerating from March's 3.8%, due to pass-through of cost increases, which includes typical April price revisions.
The negative contribution from energy on CPI widened to -0.37pp in April from a 0.32pp decline in March. Prices excluding perishables rose 9% y/y in April compared to 8.2% in March, while its positive contribution increased 2.02pp from 1.85pp. Prices for processed foods, which accounts for 15% of CPI and is an important input for BOJ officials, rose 9.3% from 8.3%, indicating pass-through of cost increases continued.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.