Consumer prices in the Japanese capital hit a 33-year high | So Good News

TOKYO, Oct 28 (Reuters) – Inflation in the Japanese capital, a global benchmark, rose 3.4% in October from a year earlier, data showed on Friday, marking the fastest annual pace since 1989 in a sign of rising inflation. pressure.

Tokyo’s core Consumer Price Index (CPI), which excludes fresh food but includes fuel prices, beat the median market forecast for a 3.1% gain and followed a 2.8% gain in September.

Inflation in the Tokyo area exceeded the central bank’s 2% target for five straight months.

The move comes as the Bank of Japan meets for a two-day meeting that ends on Friday, where it is expected to revise its inflation forecasts but keep monetary policy loose to support the economy’s recovery.

BOJ Governor Haruhiko Kuroda has repeatedly said that the bank should keep interest rates very low given that recent rate hikes will be temporary.

Reports by Takahiko Wada and Leika Kihara; Edited by Chang-Ran Kim and Sam Holmes

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