MNI BRIEF: Japan Feb Core CPI Rises 2.8% Vs. Jan 2.0%
Japanese core CPI held above the bank's 2% price target again in February.
The year-on-year rise of Japan's annual core consumer inflation rate accelerated to 2.8% in February from January's 2.0%, 10 basis points lower than expected, data released by the Ministry of Internal Affairs and Communications showed Friday.
The print remained above the Bank of Japan’s 2% target for the 23rd consecutive month.
The underlying inflation rate measured by core-core CPI (excluding fresh food and energy) rose 3.2% in February, slowing from January's 3.5% for the sixth straight deceleration.
The BOJ on Tuesday phased out its easy policy settings based on its judgment the economy will achievement the bank’s 2% price target. (See MNI WATCH: BOJ Nears Negative Rates Exit After Wages Survey)
Services prices, a key factor for the BOJ's focus on wages and prices, rose 2.2% y/y in February, unchanged from 2.2% in January.