National CPI y/y for August, 3.3%
- expected 3.3%, prior was 3.4%
National CPI y/y excluding Fresh Food for August, +3.1%
- expected 3.2%, prior was 3.3%
National CPI excluding Food, Energy y/y for August, +2.3%
- expected 2.3%, prior was 2.3%
Tokyo CPI y/y for September, +2.9%
- expected 2.7%, prior was 2.8%
Tokyo CPI excluding Fresh Food y/y for September, +2.6%
- expected 2.6%, prior was 2.7%
Tokyo CPI excluding Food, Energy y/y for September, +2.0%
- expected 2.1%, prior was 2.1%
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I noted this earlier (and last month, and the month before that, and ….). Here it is again:
The Bank of Japan has estimated that the sales tax hike – to 8 percent from 5 percent on April 1 – added 1.7 percentage points to the annual consumer inflation rate in April, and 2.0 points from the following month.
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National CPI y/y excluding Fresh Food for August, +3.1% …. slightly below expectations
BUT … Tokyo headline CPI in above expectations and Tokyo ‘core’ CPI (excluding Fresh Food) in at expectations …. ‘core-core’ CPI (excluding Food, Energy) is slightly below expectations
So, a bit of a mixture of results there for Japanese CPI. USD/JPY was dribbling lower ahead of the release and its stabilised around session lows as I update this post.
On balance, slightly disappointing results for the BOJ.
Useful chart from the Financial Times (FastFT – subscription required):
