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Analysts at Nomura are forecasting that May Tokyo core CPI inflation to come in at 0.7% y-o-y, stronger than the April figure.

Key Quotes

“Growth in energy prices looks to have slowed in May again, but we forecast the overall core inflation rate to have gained momentum due to cost increases as a result of the growing labor shortage and an expected lull in the slowdown in core food prices seen in March and April. We forecast CPI inflation excluding fresh food and energy (the BOJ’s version of core core CPI) of 0.4% y-o-y, up 0.1 percentage points on April.”