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REPEAT:MNI 5 THINGS: June Tokyo CPI Rise Accelerates on Energy
TOKYO (MNI) - Core consumer price index in central Tokyo, a leading
indicator of the national average inflation rate, rose 0.7% on year in June,
accelerating from +0.5% in May, as higher gasoline and utility costs continued
to offset lower mobile communications fees, data from the Ministry of Internal
Affairs and Communications released Friday showed.
This indicates the year-over-year rise in the national CPI may also
accelerate in June from the 0.7% rise in May in data due on July 20.
The key points from the latest Tokyo CPI data:
* The Tokyo core consumer price index (excluding fresh food) rose 0.7% on
year in June, coming in slightly firmer than the MNI median economist forecast
for +0.6%. It was the 12th straight y/y rise and the pace of increase
accelerated from +0.5% in May and +0.6% in April but was still below the recent
peak of +0.9% in February.
* The June Tokyo CPI was pushed up by a 11.7% y/y rise in the prices for
overseas holiday tours (vs. +5.6% in May) and 2.1% rise in accommodations costs
(vs. -1.8% in May). It was also supported by higher energy costs (+5.8% in June
vs. +5.2% in May).
* Retail price hikes have gradually spread in light of labor shortages and
higher materials costs but the move has been slow amid sluggish growth in real
wages.
* The core-core CPI (excluding fresh food and energy) -- a key indicator of
the underlying trend of inflation -- rose 0.4% on year in June in Tokyo, also
accelerating from +0.2% in May and +0.3% in April.
* The prices of goods excluding volatile fresh food rose 1.0% on year in
June, with the pace of increase accelerating from +0.8% in May. The year-on-year
rise in service prices also rose to +0.5% in June from +0.3% in May.
--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.