![]() Fresh food prices, a volatile factor, continued rising at a fast pace, up 14.6% on year, pushing up the overall index by 0.54 percentage point, although the pace was slightly slower than a downwardly revised 14.9% increase and a positive 0.55-point contribution the previous month. Excluding the direct impact of the sales tax hikes of 20, it is the highest inflation rate in nearly three decades, since June 1992, when the index rose 2.5%. The 2.4% rise is the largest in over seven years since October 2014, when the index gained 2.5%. The total CPI rose 2.4% on year in May, marking the ninth straight year-on-year gain after soaring 2.4% (revised down from 2.5%) in April and rising 1.3% in March.This measure does not receive support from higher energy prices but it has been drifting higher in the face of markups in other items. The core-core CPI (excluding fresh food and energy) – a key indicator of the underlying trend of inflation – rose 0.9% after marking the first year-on-year rise in 13 months in April with a 0.8% rise and falling 0.4% in March.Excluding the direct impact of the sales tax increases in 20 (the latter to 5% from 3%), it is the highest in more than 29 years, since the 2.1% rise in November 1992. The pace of core CPI’s annual rate remains the fastest in just over seven years since March 2015, when the index rose 2.2% at the end of a 12-month cycle of being boosted by a sales tax hike to 8% from 5% in April 2014 (the sales tax is currently at 10% after another rise in 2019).The core consumer price index (excluding fresh food) in the capital’s 23 wards rose 1.9% in May, coming in softer than the median economist forecast of a 2.0% rise while marking the ninth straight year-on-year rise after jumping 1.9% in April and recording modest increases of 0.8% in March and 0.5% in February. ![]() In its quarterly Outlook Report for April, the board projected inflation will average just under 2% temporarily in fiscal 2022 before slipping back to around 1% in the next fiscal year as the impact of surging commodities prices fades. Last month, the Bank of Japan board decided to maintain its super-low interest rate targets and flexible but large asset purchases to support economic recovery and guide inflation to stable 2%. The government has been trying to cap retail gasoline price markups by providing subsidies to refineries.īOJ policymakers regard the recent spike in the CPI annual rate as temporary after much of the base effects of steep mobile phone charge discounts launched a year earlier had waned by April. The costs for utilities and fuels remain elevated but the pace of their increase from a year earlier continued easing slightly from the previous month, leading to a smaller contribution of the overall energy price to the CPI in May. The prices for both fresh and processed food, ranging from vegetables, fruits and fish to takeout sushi, eat-in hamburgers and rice crackers, continued pushing up consumer inflation higher as tight supplies have been aggravated by Covid lockdowns in Chinese cities and the protracted Ukraine war. (MaceNews) – The year-on-year rise in consumer prices in Tokyo, the leading indicator of the national average, remained high around the Bank of Japan’s 2% inflation target in May after surging in April, but the pace was slower than expected as energy costs, the largest contributor to inflation, have lost some steam, data from the Ministry of Internal Affairs and Communications released Friday showed. –Gasoline Price Markups Smaller on Govt Subsidies Utilities Costs High but Also Easing –Energy, Food Prices Lead Inflation BOJ Sees Impact of Commodity Market Spike Fading in FY23 It does not store any personal data.–May Tokyo CPI Annual Rate Highest in Nearly 3 Decades Excluding 2014, 1997 Sales Tax Hike Impact The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". ![]() ![]() These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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