Japanese consumer prices rose in June at their highest annual pace since November 2008, a sign perhaps that the Bank of Japan (BOJ) is slowly winning its fight to end two decades of deflation and boost prices in the world’s third largest economy.
Japan’s core consumer price index, which excludes volatile food prices, rose 0.4 percent year-on-year, turning positive after a flat reading in May.
It was the first time in 14 months that consumer prices have risen. The figure came in just above the expectations of analysts polled by Reuters for a 0.3 percent increase.
“The inflation numbers are going in the right direction, so the BOJ is probably going to be pleased,” said Bank of Singapore’s Chief Economist Richard Jerram.
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