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MNI BRIEF: Trimmed Mean Inflation Hits Record 2.9% in Nov: BOJ

(MNI) Tokyo

Japan’s trimmed mean measure of underlying inflation rose to a fresh high of2.9% y/y in November, data released by the Bank of Japan on Tuesday showed, as the pass-through of higher prices continue.

The trimmed mean accelerated from previous high of 2.7% in October, and comes after data released on Friday showed Japan's annual core consumer inflation rate quickened to a 4-decade high 3.7% y/y in November from October’s 3.6%. Tuesday's data showed the mode, which is the inflation rate with the highest density in the distribution, rose 1.5% y/y in November, marking a fresh record high for a fifth consecutive month, following a 1.3% rise in October.

The mode-based measure of underlying inflation is below the BOJ's 2% price target.

The BOJ still sees the year-on-year rise of core CPI back below 2% in fiscal 2023, thereby requiring continued easy policy to support the economy and to create an environment for firms to raise wages.

MNI Tokyo Bureau | +81 90-2175-0040 |
MNI Tokyo Bureau | +81 90-2175-0040 |

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