Tokyo core CPI accelerates to 2.7% year on year in September, exceeding market expectations

The story

The core CPI for Tokyo's 23 wards released by the government rose 2.7% year on year on an index excluding fresh food, accelerating from 1.8% in August. The result exceeded the median economist forecast of 2.4%.

At the same time, the narrow measure excluding both fresh food and fuel rose 3.0% year on year, accelerating from 2.0% the previous month.

Attention is also focused on the Bank of Japan's policy direction, and the measure has again gained recognition as an indicator of underlying inflation. The Bank of Japan raised its policy rate to 1.25% the previous month and has signaled the possibility of further rate hikes. The next monetary policy meeting is scheduled for 29–30 October.

At a glance

Inflation indicatorTokyo's core CPI rose 2.7% year on year

ComparisonAccelerating from a 1.8% increase in August and exceeding the market forecast of 2.4%

Narrow measureCPI excluding fresh food and fuel rose 3.0% year on year

Bank of JapanThe Bank of Japan raised its policy rate to 1.25% the previous month and signaled the possibility of further rate hikes

PeriodThe next meeting is scheduled for 29–30 October

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