MNI BRIEF: Japan's Oct Trimmed Mean Rises 3.0% Vs. Sept 3.4%
Japan's trimmed mean measure of underlying inflation rose 3.0% in October, slowing from a record high of 3.4% y/y in September, showing pass-through of cost increases slowed as the import prices fell for the seventh straight month, data released by the Bank of Japan on Tuesday showed.
Data released Friday showed Japan's annual core consumer inflation rate rose 2.9% y/y in October, up from September's 2.8%, the 19th straight month above the 2% target and the first acceleration in four months.
Tuesday's data showed the mode stood at 2.6% in October, down from a record high of 2.8% in September, the ninth straight month above the BOJ's 2% price target.
The BOJ board revised up the median forecast for core CPI this fiscal year to 2.8% from July’s 2.5% but maintained the view that the y/y rise will slow as the impact of pass-through of cost increases caused by high import prices wanes.
Policymakers will update the medium-term economic growth and inflation rate forecasts in January.