Nationwide core CPI rose 2.1% year on year in September, exceeding the Bank of Japan's 2% target for the first time in 9 months. Higher accommodation charges, water charges and durable goods prices pushed up the overall figure, supporting the BOJ's rate-hike path.
Nationwide core CPI accelerated in September from the previous month, exceeding the Bank of Japan's 2% target for the first time in 9 months. The Ministry of Internal Affairs and Communications released the data.
Core CPI rose 2.1% year on year, in line with market expectations. Accommodation charges, water charges and food excluding fresh food pushed up the overall figure.
Growth in household durable goods such as refrigerators and vacuum cleaners, as well as durable goods for education and recreation such as personal computers and televisions, also contributed to the acceleration.
The pass-through of costs against a backdrop including the situation in the Middle East appears to be progressing.