Japan’s consumer price inflation rose to a 40-year high in October as weaker yen lifted prices of imported goods, data from the Ministry of Internal Affairs and Communications revealed Friday.
Core inflation that excludes fresh food advanced to 3.6 percent from 3.0 percent a month ago. This was the strongest since early 1982 and slightly above economists’ forecast of 3.5 percent.
Consumer price inflation rose to 3.7 percent in October from 3.0 percent in September.
Inflation has remained above the central bank’s 2 percent target for the seventh straight month.
Despite higher inflation, the Bank of Japan will remain steadfast in maintaining its ultra-easy monetary policy, Capital Economics economist Darren Tay said.
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