Japan CPI data for December 2022
National CPI 4.0% y/y, expected 4.4%, prior was 3.8%
National CPI excluding Fresh Food 4.0% y/y, expected 4.0%, prior was 3.7% (at 4% it's the highest since December 1981)
National CPI excluding Food, Energy 3.0% y/y, expected 2.9%, prior was 2.8%
The inflation figure excl food and energy is AKA as core-core inflation and the closest measure to the US core CPI. The Bank of Japan told us recently it is switching its attention to this measure of underlying inflation. At 3.0% its matched a high l;last seen in July of 2014.
The next Bank of Japan meeting is in March. Bank of Japan Governor Kuroda completes his term on April 8. BOJ policy change is expected after Kuroda departs.
