Japan: Inflation holds steady at highest level since October 2023 in June
Inflation was stable at May’s 2.8% in June. June’s reading represented the highest inflation rate since October 2023, and marked 27 months of readings above the Bank of Japan’s target. Higher energy price pressures were offset by lower price pressures for food.
The trend pointed down slightly, with annual average inflation coming in at 2.8% in June (May: 2.9%). Meanwhile, core inflation ticked up to 2.7% in June from the previous month’s 2.5%, slightly exceeding market expectations.
Lastly, consumer prices increased 0.11% from the previous month in June, coming in below May’s 0.38% increase. June’s result marked the weakest reading since February.