Japan's Inflation Held Steady in October

Forex News

Japan's annual core consumer inflation was unchanged in October from the previous month. The Japan’s government reported, that the nationwide core consumer price index (CPI), which strips away the effect of volatile food costs, rose 1.0% in October from a year earlier, matching economists’ forecast.

Overall annual consumer inflation, which includes fresh food and energy costs, rose to 1.4% in October from 1.2% in September. Energy items such as gasoline and kerosene were the largest contributors to the gains, lifted by an earlier rise in the global market for crude oil.

Japan’s inflation rate remains far below the Bank of Japan’s 2% target. While the central bank forecasts inflation of 1.4 percent next year and Governor Haruhiko Kuroda told Japan’s parliament this week that momentum toward the price goal has been maintained, this view is hotly contested.