JEQ - Japan Inflation rate unexpectedly falls to 3.2% in May
2023-06-23 00:44:26 ET
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The annual inflation rate in Japan unexpectedly declined to 3.2% in May 2023 from April's 3-month high of 3.5%, missing market forecasts of 4.1%.
- Core inflation, which excludes volatile fresh food prices also dropped to 3.2% in May from a 3-month peak of 3.4% in April, compared with forecasts of 3.1%, staying outside the Bank of Japan's 2% target for the 14th month.
- On a monthly basis, consumer prices were flat in May, after a 0.6% rise in April which was the steepest pace since April 2014.
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To combat rising inflation, the US Federal Reserve and several other central banks have increased interest rates. But in an effort to boost economic growth, the Bank of Japan has maintained its long-standing, ultra-loose monetary policy , which has caused the yen to weaken versus the dollar.
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Japan Inflation rate unexpectedly falls to 3.2% in May