National CPI y/y for September, 3.2%
- expected 3.3%, prior was 3.3%
National CPI y/y excluding Fresh Food for September, 3.0%
- expected 3.0%, prior was 3.1%
National CPI excluding Food, Energy y/y for September, 2.3%
- expected 2.2%, prior was 2.3%
Tokyo CPI y/y for October, 2.5%
- expected 2.7%, prior was 2.9%
Tokyo CPI excluding Fresh Food y/y for October, 2.5%
- expected 2.5%, prior was 2.6%
Tokyo CPI excluding Food, Energy y/y for October, 2.1%
- expected 2.0%, prior was 2.0%
Other data from today is here: Japan data – household spending, jobless rate and job-to-applicant ratio
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The core and core-core (i.e. CPI excluding Fresh Food and CPI excluding Food, Energy) have come in either on expectations
- National core for September
- and Tokyo city core in October CPI y/y)
or a tic above
- For the national core-core measure for September
- and for the Tokyo city core-core for October
Remember:
- The Bank of Japan has estimated that the sales tax hike – to 8 percent from 5 percent on April 1 – added 1.7 percentage points to the annual consumer inflation rate in April, and 2.0 points from the following month.
So, we gotta subtract 2.0 points from these results. Not great, but at or slightly above expectations will give the administration and BOJ maybe some cheer. We’re around 1% … the target is 2%.
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Yen little changed on the data release
