Japan’s annual core consumer inflation rate slowed in September as energy costs turned lower on year, data from the Ministry of International Affairs and Communication released Friday showed.
The key points from the latest CPI data:
–The national average core consumer price index (excluding fresh food) rose 0.3% on year in September, slowing from 0.5% in August but in line with an MNI survey, recording a 33nd straight year-on-year rise.
–The decelerating inflation rate was caused mainly by lower energy costs, which fell 1.9% on year in September, quicker than August’s 0.3% drop.
–Overall CPI rose 0.2% on year in September, also slowing from 0.3% in August.
–The underlying inflation rate measured by the core-core CPI (excluding fresh food and energy) rose 0.5% on year in September (vs +0.6% in August), indicating that corporate price hikes pushed by higher costs are limited. It was the 27th consecutive year-on-year rise.
–Prices for overseas holiday tours dropped 2.8% y/y in September, down from +4.1% in August. Prices for household durable goods were up 6.0% on year in September, accelerating from +5.4% in August.
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