Giappone Inflazione Core

The core consumer price index in Japan, which excludes fresh food but includes fuel costs, increased 2.1% in May 2022 from a year earlier, exceeding the central bank’s target for a second straight month and highlighting the intensifying pressure on the country’s fragile economy from soaring global raw material costs. The core inflation print also posted gains for the ninth consecutive month, with analysts suggesting that rising fuel and food prices caused by the war in Ukraine and a weakening yen that inflates import costs are expected to keep Japan’s inflation elevated for most of this year. This also presents a challenge to the Bank of Japan which views such cost-push inflation as temporary and a risk to consumption. BOJ Governor Haruhiko Kuroda has repeatedly said the central bank will keep monetary policy ultra-loose until robust domestic demand and strong wage growth become key drivers of inflation.