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MNI BRIEF: Japan's Nov Tokyo CPI Hits 3.6%; Highest Since 1982

(MNI) Tokyo

Tokyo's core inflation rate accelerated to 3.6% y/y in November, up from 3.4% y/y in October, indicating that the nationwide core CPI will likely rise to near 4% in November from 3.6% in October, data from the Ministry of Internal Affairs and Communications showed on Friday.

November’s 3.6% y/y pace was the 15th consecutive rise and marked the fastest pace since April 1982 when it rose 4.2%.

The index was boosted by high prices for energy (up 24.4% vs. 24.2% in Oct) and for foods excluding perishable foods (up 6.7% vs. 5.9% in Oct).

The core-core CPI (excluding fresh food and energy) - a key indicator in the underlying trend of inflation - rose 2.5% y/y in November, also accelerating from 2.2% in October. Tokyo saw processed food prices, which BOJ officials focus on and that are sensitive to economic activity, rose 7.3% in November after rising 6.4%.

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com
MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com

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