Tokyo’s core CPI for June expected to rise 1.6% year-on-year; lagging transmission of oil costs may drive subsequent inflation
- According to a survey conducted by data provider Quick among economists, consumer inflation in Tokyo, excluding volatile fresh food prices, is projected to rise by 1.6% year-on-year in June. This increase is higher than the 1.3% growth recorded in May, but still below the Bank of Japan's 2% target.
- Economists noted that, nonetheless, rising oil costs are expected to take some time before they are fully reflected in consumer prices. Bank of Japan Deputy Governor Himeno Ryozo recently stated that the impact of soaring crude oil prices may become more apparent in consumer prices around the summer. Tokyo's consumer price data will be released on Friday.
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