Tokyo Core Inflation Rate Jumps in September, Bolsters Case for More BOJ Hikes
The core index excluding fresh food rose 2.7% from a year earlier, while a broader measure climbed 3.0%, strengthening the case for more BOJ hikes.
- On Friday, Tokyo's core consumer price index rose 2.7% in September, accelerating from a 1.8% gain in August and exceeding a median market forecast for a 2.4% gain.
- Service-Sector inflation hit 2.3% in September, accelerating from 1.4% the previous month as firms passed on rising labor costs from a tight job market.
- An index stripping away fresh food and fuel effects, closely watched by the Bank of Japan as a gauge of trend inflation, rose 3.0% in September after a 2.0% gain in August.
- The BOJ, which raised interest rates to a 31-year high last month, will weigh this leading indicator when issuing fresh quarterly inflation forecasts at its next policy meeting on October 29-30.
- Masato Koike, senior economist at Sompo Institute Plus, said, "Core inflation will continue to accelerate as a trend due to rising energy costs from the Middle East conflict.
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The CPI in the Tokyo area rose 2.7 percent in September compared to the same month a year earlier after rising 1.9 percent the previous month.
Prices for the autumn delicacy "saury" rose sharply in September. According to the Ministry of Internal Affairs and Communications, the consumer price index for Tokyo's 23 wards in September, excluding fresh food, rose 2.7% compared to the same month last year. This is the first time in eight months that the index has exceeded 2%, with food prices rising 3.2%. By item, "saury," an autumn delicacy whose catch has been poor and landings low, saw a…
Tokyo Core CPI Jumps to 2.7%, Core-Core Hits 3.0% as Price Pressures Broaden - ActionForex
Tokyo inflation accelerated sharply in September, with headline CPI rising from 1.9% to 2.7% y/y. More importantly, core CPI excluding fresh food jumped from 1.8% to 2.7%, beating the 2.4% consensus, while core-core CPI excluding fresh food and energy surged from 2.0% to 3.0%. On a seasonally adjusted monthly basis, headline, core and core-core prices […]
The Ministry of Internal Affairs and Communications announced on the 2nd that the consumer price index for Tokyo's 23 wards in September (mid-month preliminary figures, 2025=100) was 102.6, excluding volatile fresh food prices, representing a 2.7% increase compared to the same month last year. This growth rate expanded from 1.8% in August, reaching over 2% for the first time in eight months.
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