The cost of living in Tokyo rose more than anticipated from the previous month, keeping the Bank of Japan on track for further interest rate hikes.
Consumer prices excluding fresh food rose 2.4% in March from a year earlier as inflation in processed food accelerated, according to the internal affairs ministry Friday. The result was more than the median economist forecast of 2.2%, and higher than any estimate by economists surveyed. Overall inflation also picked up to 2.9% from February’s 2.8%.
The yen temporarily gained against the dollar following the report, strengthening to as much as 150.77 against the greenback.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.