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Japan Inflation June 2022

Japan: Core inflation comes in at highest level since March 2015 in June

Core consumer prices—which exclude fresh food—increased 0.20% over the previous month in June, matching May’s reading. June’s result marked the weakest reading since January.

Core inflation came in at 2.2% in June, which was up from May’s 2.1%. June’s reading marked the highest inflation rate since March 2015. Annual average inflation rose to 0.7% in June (May: 0.5%). Finally, consumer price inflation fell to 2.4% in June, from May’s 2.5%.

The weak month-on-month growth in core inflation points towards a continued lack of demand-pull inflation. As a result, the potential for second-round effects—where higher prices push up wages which further increase prices in a vicious cycle—and therefore a sustained ratcheting up of inflation to above the BoJ’s 2.0% target remains a remote prospect.

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