Japan’s October CPI data showed inflation firming again, with core CPI (ex-fresh food) rising to 3.0% yoy from 2.9%, matching expectations and marking the second month of renewed acceleration. The measure has now stayed above the BoJ’s 2% target for more than three and a half years, highlighting how persistent the price backdrop has become.
Core-core CPI, which excludes both fresh food and energy, edged up from 3.0% to 3.1% yoy, while headline CPI rose from 2.9% to 3.0%.
Food excluding fresh items surged 7.2%, and utilities rose 2.2%, confirming that household-facing inflation pressures remain elevated. Rice inflation, however, continues to ease sharply, slipping to 40.2% from September’s 49.2% and offering slight relief after months of extreme gains.
 rising to 3.0% yoy from 2.9%, matching expectations and marking the second month of renewed acceleration. The measure has now stayed above the BoJ’s 2% target for more than three and a half years, highlighting how persistent the price backdrop has become.){kind=link}