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(MNI) Tokyo

The Tokyo core inflation rate rose 1.9% y/y in April, the highest since March 2015, as the impact of lower mobile phone charges waned and energy costs remained high, data from the Ministry of Internal Affairs and Communications showed Friday.

The core-core CPI (excluding fresh food and energy) -- a key indicator in the underlying trend of inflation – rose 0.8% y/y in April in Tokyo, also up from March. The data indicated that the nationwide core CPI will rise close to 2% in April data due out May 20, from March’s +0.8%.

The Bank of Japan has said that core CPI is likely to increase temporarily to around 2.0% in fiscal 2022 but the pace is expected to decelerate because the positive contribution of higher energy prices to the CPI is likely to wane, see: MNI STATE OF PLAY: BOJ To Hold Despite Higher Prices Outlook. The BOJ's median forecast for core CPI this fiscal year was revised up to +1.9% from January’s +1.1%.

Processed food prices, which account for 15% of CPI and that BOJ officials closely follow, rose 2.8% y/y in April following a 2.0% gain in March.

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

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