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Japan’s Core Inflation Accelerates to 3.5%, Fastest Pace Since 2023
Japan’s Core Inflation Accelerates to 3.5%, Fastest Pace Since 2023
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Japan’s Core inflation surged to 3.5% in April, exceeding forecasts of 3.4% and marking the highest level in over two years. The rise, driven by escalating rice prices and broader cost pressures, complicates the Bank of Japan’s monetary policy calculus as it weighs pausing rate hikes amid global trade tensions.
Stripping out volatile food and energy components, the inflation print still reflects structural price pressures. Rice—a staple accounting for a significant CPI weight—has distorted household inflation expectations despite subdued underlying trends. Policymakers now face mounting challenges in anchoring price stability without stifling fragile economic growth.
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