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Japan: Flat core inflation data – Nomura

Japan’s October Tokyo core CPI (all items less fresh food) was +1.0% y-y, more or less flat versus September, and in line with the consensus forecast (Bloomberg survey median), notes the research team at Nomura.

Key Quotes

“The BOJ’s preferred measure of core-core inflation (which excludes fresh food and energy) showed prices in Tokyo to be up 0.6% y-y in October, for a rise 0.1ppt lower than that in September.”

“Food less fresh food (core food) and accommodations pushed down core inflation by 0.02ppt each versus September.”

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