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Financial News: Japan Inflation Rises In November

Japan Inflation Rises In November

12/19/2019 - 23:15:00 (RTTNews)

(RTTNews) - Japan's consumer price inflation accelerated in November after the sales tax hike but remained well below the central bank target.

Core inflation that excludes fresh food rose to 0.5 percent in November from 0.4 percent in October, data from the Ministry of Internal Affairs showed Friday. The rate came in line with expectations.

Overall consumer price inflation also came in at 0.5 percent, up from 0.2 percent a month ago and in line with forecast.

Headline inflation rose sharply in November but it will moderate over the coming months as capacity shortages diminish, Tom Learmouth, an economist at Capital Economics, said. But the economist said he is not convinced that the Bank of Japan will respond by cutting interest rates.

The economist expects underlying inflation to moderate to around 0.5 percent by mid-2020 as the unemployment rate climbs and capacity utilization falls.

Excluding fresh food and energy, inflation accelerated to 0.8 percent from 0.7 percent a month ago.

Although October's sales tax hike lifted inflation, it has curbed the consumer spending.

The Bank of Japan, on Thursday, left its massive monetary stimulus unchanged on Thursday and maintained its upbeat view on economy.

The BoJ reiterated that it will ease policy further if there is a greater possibility that the momentum toward achieving the 2 percent price stability target is lost.

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