Japan core CPI rises as expected in July, but underlying inflation weak
Investing.com-- Japanese core consumer price index inflation grew as expected in July, but a drop in underlying inflation- to levels below the Bank of Japan’s target- raised doubts over the central bank’s hawkish outlook.
A core CPI reading that excludes both fresh food and energy costs, and is used as a key gauge of underlying inflation by the BOJ, fell to 1.9% in July from 2.2% in the prior month. The reading was back below the BOJ’s 2% annual target, and was also at its weakest level since September 2022.Friday’s reading comes as consumer spending perked up over the past month, aided chiefly by increased wages as bumper wage hikes won by Japanese unions earlier this year began to spill over across the country.
Improved wages also helped the Japanese economy grow more than expected in the June quarter, as private consumption picked up.
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