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--Tokyo March Core CPI Rises 1.1% Y/Y Vs +1.1% in February
TOKYO (MNI) - The Bank of Japan remains cautious of the overall outlook on
prices, as the annual pace of inflation in Tokyo, a leading indicator of the
national average, was unchanged in March from the previous month.
Tokyo core CPI rose 1.1% on year in March, unchanged from February, with
the gain still largely due to the higher positive contribution from crude prices
(+0.45 percentage points in March vs. +0.44 pts in Feb).
In bright spots for BOJ economists to focus on, prices for household
durable goods rose 10.2% on year in March, accelerating from a 5.0% gain in
Also, foods prices excluding perishable foods rose 0.9% on year, also
accelerating from 0.7% in February. The positive contribution also rose to 0.18
percentage point in March from 0.14 Pt.
The core-core CPI (excluding fresh food and energy) -- a key indicator of
the underlying trend of inflation -- rose 0.7% on year in March, unchanged from
+0.7% in February.
Tokyo CPI is a leading indicator of the national CPI for March, due out on
April 19. It indicates that the core CPI in March will rise 0.7% or higher on
year from +0.7% in February.
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