Japan’s core consumer inflation rose more than expected to a near eight-year peak in August, data showed on Tuesday, as heightened raw commodity costs and a depreciating yen continued to batter the economy with rising price pressures.
The national core consumer price index, which excludes the price of fresh food but includes energy, rose 2.8% in August, compared to a 2.4% rise in July, data from the Statistics Bureau showed. The figure also came above estimates for growth of 2.7%.
Overall nationwide CPI rose 3% in August, more than July’s reading of 2.6%, and also at an eight-year high. The reading marks the fifth straight month that inflation has trended above the Bank of Japan’s (BoJ) 2% annual target rate and reflects continued headwinds for the world’s third-largest economy.
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