MNI BRIEF: Japan's Dec Trimmed Mean Rises 2.6% Vs. 2.7% - BOJ

Japan's trimmed mean measure of underlying inflation rose 2.6% in December, the third straight monthly deceleration following November's 2.7%, and September's record 3.4% high, showing pass-through of cost increases continued slowing as the import prices fell y/y for the ninth straight month, data released by the Bank of Japan showed on Tuesday.

The trimmed mean came after data released on Friday showed Japan's annual core consumer inflation rate rose 2.3% in December, slowing from November's 2.5% and for the 21st straight month above the 2% target. Tuesday's data showed the mode, which is the inflation rate with the highest density in the distribution, stood at 2.4% in December, unchanged from November.

The BOJ board revised down the median forecast for core CPI in fiscal 2024 to 2.4% from October’s 2.8% following the drop of crude oil prices but maintained the core-core CPI view in fiscal 2024 at 1.9%.