Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose...
TOKYO - Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 0.5% in October from a year earlier, data showed on Tuesday, staying distant from the Bank of Japan’s elusive 2% target and keeping it under pressure to ramp up stimulus.
The rise in the core consumer price index in the Japanese capital, which includes oil products but excludes fresh food prices, was slower than a median market estimate for a 0.7 percent gain and flat from the pace of increase in September. Japan’s government proceeded with a twice-delayed increase in the sales tax rate to 10% from 8% in October as part of efforts to rein in the country’s huge public debt.
Years of ultra-loose policy has failed to fire up inflation to the BOJ’s 2% target, forcing the central bank to maintain its massive stimulus program despite the strain on financial institutions’ profits from near-zero interest rates.
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