Japan's inflation continues to exceed central bank target

Japanese energy, food prices rise 16.5%, 3.7%, respectively, year-on-year in June

By Gokhan Ergocun

ISTANBUL (AA) – Japan's annual inflation came in at 2.4% in June, exceeding the central bank's inflation target for the third month in a row, official figures showed on Friday.

The country's annual inflation rate was 2.5% both in April and May, while it was 1.2% in March and minus 0.5% in June 2021.

On Thursday, the Bank of Japan decided to maintain its ultra-low interest rates at minus 0.1%, while it increased its inflation target from 1.9% to 2.3% for 2022.

The statistical department data showed that the annual inflation rate was 16.5% for energy and 3.7% for food.

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