Japan’s core consumer prices rose 3.4 percent in May from a year earlier, data on Friday showed, rising at their fastest pace since April 1982. The rise in the core consumer price index (CPI), which excludes volatile food prices, was in line with analyst expectations in a Reuters poll for a 3.4 percent rise.
Annual consumer prices in Japan have risen for 12 straight months – a positive sign for the Bank of Japan and Prime Minister Shinzo Abe’s plan to finally rid the world’s third biggest economy of deflation risks.
“The inflation numbers have been driven by a rise in fresh food prices and utility prices,” said Glenn Levine, senior economist at Moody’s Analytics in Sydney.
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