Japanese government playing down the rise in headline inflation

Japanese inflation data for March was out earlier:

• Japan inflation data for March 2022 - Headline inflation +1.2% y/y (expected 1.3%)

That 1.2% is the headline rate, not the core rate (excluding fresh food and energy the CPI was still negative).

A government official says that headline rate was likely pushed higher by the fading impact of cell phone fee cuts.

Energy prices in March (not April) rose at their fastest y/y pace since January 1981.

"Shaddup dude!"