Japan's core inflation picked up slightly in March from a year earlier, but...
TOKYO - Japan’s core inflation picked up slightly in March from a year earlier, but remained distant from the Bank of Japan’s ambitious 2 percent target in a sign of rising pressure on the central bank.
Data on Friday showed a 0.8 percent increase in the nationwide core consumer price index , which includes oil products but excludes volatile fresh food costs, compared with a median market forecast of 0.7 percent. In February, annual core consumer inflation hit 0.7 percent. “There simply isn’t enough momentum toward 2 percent inflation, because wages are not rising that much,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities.
There is also a growing view in markets that core consumer inflation may grind to a halt in coming months as recent oil price falls push down gas and electricity bills. Such a scenario could put the central bank under pressure to come up with some measures to buoy prices.
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