TOKYO (Reuters) – Japan’s core consumer prices rose in December from a year earlier, data showed on Friday, accelerating from the previous month, but inflation was still well away from the central bank’s elusive 2% target.
Tame consumer inflation underscores the challenges the Bank of Japan is facing, with the core consumer price index rising just 0.7% in December from a year earlier, government data showed.
Data - Release - BOJ - Tuesday - Consumer
The data release came after the BOJ on Tuesday revised down its consumer price forecasts, despite the central bank having nudged up its economic growth projections.
The BOJ kept its policy unchanged this week and Governor Haruhiko Kuroda reiterated the central bank’s resolve to maintain its ultra-easy policy in light of soft inflation and lingering uncertainty abroad.
% - Rise - Core - Consumer - Price
The 0.7% rise in the core consumer price index (CPI), which includes oil costs but excludes volatile fresh food prices matched a media forecast.
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