Core inflation slows down in Japan

The core consumer price index in Japan, which includes petroleum products but excludes fresh food prices, increased by 3.1 percent on an annual basis in July. Economists had anticipated that the core inflation, which was 3.3 percent in June, would slow down to 3.1 percent in July.

Core inflation has remained above the Bank of Japan's 2 percent target for 16 consecutive months.

The core inflation, excluding fresh food and energy prices, recorded a year-on-year increase of 4.3 percent in July.

Takeshi Minami, Chief Economist at the Norinchukin Research Institute, stated, "The data confirms rising price pressures in sectors such as food and accommodation, while import inflation, including energy, remains subdued."