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BOJ Deputy Governor Himino Signals Resolve to Keep Raising Rates
Fuel subsidies kept price growth contained even as wholesale costs climbed and the Bank of Japan signaled more rate hikes to curb inflation.
- On Friday, government data showed Japan's annual core consumer price index rose 1.4% in May, keeping inflation below the Bank of Japan's 2% target for the fourth consecutive month.
- Prime Minister Sanae Takaichi's government shielded consumers from sharp oil price spikes resulting from the three-month Middle East conflict by implementing fuel and energy subsidies.
- The Bank of Japan raised interest rates to 1% on Tuesday, the highest level since 1995, as officials warned underlying inflation could overshoot the 2% target due to high energy costs.
- While consumer inflation remained contained, Japan's producer price index rose 6.3% in May, a three-year high, as companies pass rising energy costs from the Middle East conflict into wholesale transactions.
- Capital Economics analyst Marcel Thieliant warned that higher energy costs will likely lift prices of other goods and services eventually, though BOJ officials signaled readiness to continue normalizing policy later this year.
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Japan May core CPI rises 1.4% yr/yr
TOKYO, June 19 : Japan's core consumer prices rose 1.4 per cent in May from a year earlier, government data showed on Friday.The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 1.4 per cent annual gain.Stripping away
·Singapore, Singapore
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Coverage Details
Total News Sources15
Leaning Left1Leaning Right1Center6Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
13%
C 75%
12%
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