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Japan's core CPI rises 0.1 percent in December, 7th monthly gain

Japan's core CPI rises 0.1 percent in December, 7th monthly gain

Japan's core consumer price index rose 0.1 percent on year in December, government data showed Friday, marking a seventh straight month of increases.
The results, which exclude volatile food prices, were lower than the 0.2 percent growth seen in the previous month, according to the data released by the Ministry of Internal Affairs and Communications. Analysts had also projected the figure to come in at 0.2 percent.
Nationwide, the overall CPI including fresh food prices climbed 0.3 percent on year in December, up from 0.2 percent the previous month, according to the data.
For 2006 as a whole, Japan's CPI rose 0.1 percent, the first rise in eight years.
Finance Minster Koji Omi said the recent moves in the consumer price index were stable, though sharp prices rises would not be good.
"All financial and monetary officials of major countries are worried about inflation. I quite agree with them. Price rises are not good. It's best for prices to be stable," he said.
Authorities are closely watching these price figures for signs that Japan has emerged from deflation, the downward spiraling of prices that gripped Japan for years and dragged on its growth.
Top government spokesman Yasuhisa Shiozaki said the data did not change the government's view that the end of deflation was in sight.
"Both the government and the Bank of Japan need to consider various indicators and decide with a focus on what lies ahead," he said.
Last week, the central bank refrained from lifting its benchmark interest rate amid intense political pressure to hold off.
The BOJ has repeatedly said it will gradually raise rates from the current 0.25 percent, while closely evaluating the moves of the economy and prices.
Meanwhile, the core CPI for the Tokyo metropolitan area for January, considered a leading indicator for nationwide consumer prices, rose 0.2 percent from a year earlier, according to the ministry's data. The figure matches the 0.2 percent rise expected in the survey of economists.
For the Tokyo area, the overall CPI gained 0.1 percent in January from a year earlier. It rose 0.3 percent in December.


Updated : 2021-05-10 13:59 GMT+08:00