Tokyo, 21 August 2026 – Japan’s consumer inflation accelerated for a third consecutive month in July, reinforcing market expectations that the Bank of Japan (BOJ) will raise its benchmark interest rate at its upcoming monetary policy meeting in September.
Data released by the Ministry of Internal Affairs and Communications showed that the core consumer price index (CPI), which excludes volatile fresh food prices, climbed 1.9 percent year-on-year in July, up from 1.6 percent in June. The deeper core inflation gauge, which excludes both fresh food and energy costs, also advanced to 1.9 percent from 1.7 percent in the preceding month, indicating that underlying price pressures are entrenching across services and manufactured goods.
Unlock the Full Article
This article is exclusive to The Ledger Asia Subsribers / PAID members.
Already have an account? Log in here

