Tokyo inflation data for March 2022: Headline CPI 1.3% y/y (vs. expected 1.5%)

Tokyo CPI 1.3% y/y,

• expected 1.5%, prior was 1.0%

Tokyo CPI excluding Fresh Food 0.8% y/y,

• expected 0.4%, prior was 0.5%

Tokyo CPI excluding Food, Energy -0.4% y/y,

• expected -0.7%, prior was -0.6%

• this measure of Japanese inflation is closest to the US 'core' CPI

• the Bank of Japan is targeting 2% for this 'core' rate of CPI

An official in Japan's government commenting on the data says energy prices in Tokyo rose at their fastest since March of 1981, +26.1% y/y.