TOKYO — Core inflation in Japan's capital in October dipped below the central bank's 2-percent target for the first time in five months, data showed on Friday, potentially complicating the central bank's quest to raise interest rates further.
TOKYO — Core inflation in Japan's capital in October dipped below the central bank's 2-percent target for the first time in five months, data showed on Friday, potentially complicating the central bank's quest to raise interest rates further.Closely watched services inflation this month also slowed, casting doubt on the Bank of Japan's expectations that higher wages would broaden cost pressure beyond goods and keep price rises durably around its 2-percent target.
Some temporary factors affected this month's inflation data, with the government's resumption of subsidies to curb utility bills pushing down core inflation while rice shortages drove up the core-core index.Takeshi Minami, chief economist at Norinchukin Research Institute, said the latest data would not be something that would derail the BoJ's policy normalization push.'We continue to expect the BoJ to at least discuss another rate hike in December,' he said.
Inflation In Japan's Capital Slips In October
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