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--Japan CPI Up 0.9% y/y In November Vs. +1.0% in October
TOKYO (MNI) - Japan's nationwide core consumer price index rose 0.9% on
year in November, decelerating from +1.0% in October, leaving Bank of Japan
officials still cautious over their inflation outlook.
The inflation rate remains stubbornly slow in responding to a sustainable
economic expansion and tight labor market conditions, with firms still cautious
about raising retail prices.
BOJ officials no longer expect the pace of Japan's consumer price rise to
accelerate sharply, as structural factors of impeding price rises will not
disappear anytime soon.
But those officials were discouraged by the deceleration in the nationwide
core CPI in November as the November Tokyo core CPI, a leading indicator, rose
1.0% on year, indicating the nationwide core CPI would have also risen 1.0% in
Prices for goods rose 1.4% on year in November, slowing from +2.6% in
October. Prices excluding fresh food rose 1.6% in November, also slowing from
+1.9% in October.
On the bright side, prices for eating out rose 1.1% on year in November,
accelerating from 1.0% in October, showing upward pressure on prices from labor
shortages and high costs continued.
The national average core CPI (excluding fresh food) rose 0.9% on year in
November, recording the 23rd straight year-on-year rise, following a 1.0% gain
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