Business

June core consumer prices in Tokyo increase at fastest rate in 7 years According to Reuters


© Reuters. FILE PHOTO: A shopper looks at items at a supermarket in Tokyo February 26, 2015. REUTERS / Yuya Shino/

TOKYO (Reuters) – Declining consumer prices in the Japanese capital Tokyo rose 2.1% in June from a year earlier, data showed on Friday, marking the fastest rate of increase in seven years. against signs of increasing inflationary pressure due to higher commodity and fuel costs.

The rise in Tokyo’s core consumer price index (CPI), in line with mid-market forecasts, followed a 1.9% gain in the previous month. The fastest rate of growth since March 2015.

The data suggests that consumer prices across the country will continue to rise in the coming months. Japan’s nationwide core CPI rose 2.1% in May from a year earlier, mainly driven by the impact of higher fuel and raw material costs.

It stayed above the Bank of Japan’s 2% target for a second straight month, after rising 2.1% in April, also the fastest pace in seven years.

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