Japan CPI core (all items ex-fresh food) accelerated from 3.7% yoy to 4.0% yoy in December, matched expectations. That’s also the highest level in four decades since 1981. CPI core-core (all items ex-food and energy) also accelerated from 2.8% yoy to 3.0% yoy, hitting the highest level since 1991. Headline inflation rose from 3.8% yoy to 4.0% yoy.
Food prices jumped 7.4% while energy prices rose 15.2%. “The impact on CPI from higher energy prices was large in 2022 but contributions from food prices are now bigger,” a government official said.
