jiliplus Japan inflation jumps to 3.0% in December

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A man cycles past the Bank of Japan (BoJ) headquarters complex in central Tokyo on January 23, 2025. The Bank of Japan is expected to announce an interest rate decision on January 24 following two days of meetings. (Photo by Richard A. Brooks / AFP)

Tokyo, Japan — Japan’s annual rate of consumer price inflation accelerated to 3.0 percent in December from 2.7 percent the month before, government data showed Friday.

The core Consumer Price Index (CPI), which excludes fresh food prices, met market expectations and comes ahead of an expected interest rate hike by the Bank of Japan later in the day.

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The reading remained above the Bank of Japan’s two percent inflation target, set more than a decade ago as part of efforts to boost the stagnant economy.

The two-percent target has been surpassed every month since April 2022, although central bank policymakers have sometimes questioned the role of temporary factors such as the war in Ukraine.

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Excluding both fresh food and energy, inflation stood at 2.4 percent, the same level as November and in line with expectations. Unadjusted, consumer prices were up 3.6 percent.

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