Japan’s July core inflation seen at 1.8% on higher energy costs
Clothes are shown at a GU shop by Fast Retailing in Osaka, western Japan October 22, 2017. REUTERS/Thomas White
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TOKYO, Aug 14 : Japan’s core consumer inflation likely accelerated in July from the previous month, as faster food price gains and cost pressures on energy from the war in the Middle East pushed prices higher, a Reuters poll of economists showed.
The data would likely reinforce market expectations of an interest rate hike by the Bank of Japan in September.
The nationwide core consumer price index (CPI), which includes energy items but excludes fresh food prices, was expected to rise 1.8 per cent in July from a year earlier, a poll of 17 economists showed, accelerating for a second straight month from 1.6 per cent in June but remaining below the BOJ’s 2 per cent target.
“Overall, the data are likely to suggest that the impact of the worsening situation in Iran is gradually beginning to feed through to consumer prices,” said Ryosuke Katagi, a market economist at Mizuho Securities.
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Japan’s annual wholesale inflation remained elevated at 7.2 per cent year-on-year in July, highlighting broadening price pressures.
Beyond inflation concerns, joint Japanese-U.S. efforts to shore up the battered yen two weeks ago have heightened market bets that the BOJ will need to hike rates faster and further, with another move possible as early as next month. The BOJ raised interest rates to a 31-year high in June.
The internal affairs ministry will announce CPI data at 8:30 a.m. on Friday, August 21 (2330 GMT on August 20).
Source: Reuters
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