Japan's core inflation stays below target for fourth month

Japan experienced stability in its core inflation rate in May, reaching 1.4% year-on-year, in line with expectations, and remaining below the targeted 2% for the fourth consecutive month. However, data indicates that the broader inflation index rose to 1.8%, albeit at the slowest pace since September 2022, as inflationary pressures persist despite the decline in the impact of rising costs. At the same time, the Bank of Japan raised interest rates to their highest level in 31 years in an effort to reduce price pressures. Additionally, increases in wholesale prices and companies' tendency to pass on costs suggest that inflation may accelerate in the future.

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