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     TOKYO (MNI) - The annual consumer inflation rate in Tokyo, a leading
indicator of the national average, accelerated in July from June as higher
prices for processed food and rents offset slower gains in the costs for
overseas holiday tours, 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 0.8% on
year in June, coming in slightly firmer than the MNI median economist forecast
for +0.7%. It was the 13th straight y/y rise and the pace of increase
accelerated from +0.7% in June but was still below the recent peak of +0.9% in
February.
     * This indicates the year-over-year rise in the national CPI will also
accelerate in July from the 0.8% rise in June in data due on Aug. 24.
     * The Tokyo core CPI rise in July was due mainly to higher prices for
processed food including yogurt, takeout food and beer (+0.8% y/y in July vs.
+0.6% in June) and rents (+0.3% in July vs. unchanged in June). The rise in
rents was the first in more than two years and caused by the exclusion of an old
apartment building that was not for rent any longer.
     * The core-core CPI (excluding fresh food and energy) -- a key indicator of
the underlying trend of inflation -- rose 0.5% on year in July in Tokyo, also
accelerating from +0.4% in June.
     * The prices of goods excluding volatile fresh food rose 1.2% on year in
July, with the pace of increase accelerating from +1.0% in June. The
year-on-year rise in service prices was +0.5% in July, unchanged from +0.5% in
June.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com