Japan's annual core consumer inflation ticked up in November and a key pric...
TOKYO - Japan’s annual core consumer inflation ticked up in November and a key price gauge hit a more than three-year high, suggesting that firms are gradually passing on rising labor and tax hike costs to shoppers.
The core consumer price index , which excludes volatile fresh food prices, rose 0.5% in November from a year earlier, government data showed on Friday, matching a median market forecast and accelerating from a 0.4% gain in October. Shoppers paid 5% more for sushi in November than a year ago and 8% more for a cup of ice cream. They spent 36% more for electric vacuum machines as high-end models sold well, the official said.“The rise in inflation excluding fresh food and energy ... is a positive sign for the Bank of Japan and will allow them to claim with more confidence that momentum towards their 2% price target is maintained,” said Tom Learmouth, Japan economist at Capital Economics.
But many analysts expect Japan’s economy, which expanded an annualized 1.8% in the third quarter, to have contracted in the current quarter as a sales tax hike in October cools consumption.
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