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Free AccessREPEAT: MNI 5 THINGS: Aug Tokyo CPI Up on Telecoms, Heat Wave
TOKYO (MNI) - The annual consumer inflation rate in Tokyo, a leading
indicator of the national average, accelerated in August from July as the
base-year effect of sharp discounts by a major telecom carrier had waned and a
severe heat wave boosted meat prices, data from the Ministry of Internal Affairs
and Communications released Friday showed.
The key points from the latest Tokyo CPI data:
* The Tokyo core consumer price index (excluding fresh food) rose 0.9% on
year in August, coming in slightly firmer than the MNI median economist forecast
for +0.8%. It was the 14th straight y/y rise and the pace of increase
accelerated to a six-month high, up from +0.8% in July. This indicates the
year-over-year rise in the national CPI may also rise in August from the 0.8%
increase in July in data due on Sept. 21.
* In the capital, processed food prices rose 1.0% on year in August after
+0.8% in July, pushing up the total CPI by 0.22 percentage point. The
contribution from this item was 0.05 point higher in August than in July. "Pork
prices shot up after a continuous heat wave threatened supply. Beef prices have
been also rising due to the labor shortage in aging farming communities," a
ministry official said.
* The year-on-year drop in mobile communications charges decelerated to
-3.7% in August from -6.7% in July. It still had a negative 0.06 percentage
point contribution to the total CPI in August but the negative contribution was
0.06 point smaller than in July.
* The August core CPI was also supported by a one-off technical factor.
Accommodations costs jumped 10.2% in August after rising 1.9% in July because
the survey was conducted during the mid-summer Obon holiday season when leisure
prices rise sharply.
* The core-core CPI (excluding fresh food and energy) -- a key indicator of
the underlying trend of inflation -- rose 0.6% on year in August in Tokyo, also
accelerating from +0.5% in July.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.