Data from the Japanese Ministry of internal affairs and communications indicated on Friday that the core consumer price index rose by a significant percentage during last July, including oil products but excluding volatile fresh food prices, by 3.1%, which was in line with the average market estimates.
The index rose by 3.3%, as the index exceeded the level of 2% targeted by the central bank for the sixteenth month in a row, and the indicators showed that the energy index rose by 4.3% year-on-year in July.
The central bank stressed that wage pressure has not escalated to the extent that it requires a new amendment to its policy of extreme monetary easing, but the slowdown in core consumer prices over the past month has reinforced expectations that the central bank will not rush to abandon the monetary easing policy, even if inflation remains above the bank’s target level of 2%.
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