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Japan’s core consumer inflation rose more than expected in May, intensifying speculation that the Bank of Japan (BOJ) could raise interest rates soon. The national core Consumer Price Index (CPI), which excludes volatile fresh food prices, increased 3.7% year-over-year, beating forecasts of 3.6%. This marks the highest level since January 2023 and is up from April’s 3.5%.
A more refined gauge of inflation, which strips out both fresh food and energy, rose to 3.3% in May from 3.0% in April—its highest since January 2024. This measure is closely monitored by the BOJ as an indicator of underlying inflation and remains well above the central bank’s 2% target.
Despite the strong core readings, headline CPI slightly eased to 3.5% from 3.6% in the previous month. However, the overall trend shows inflationary pressure remains elevated, driven in part by rising wages and surging rice prices caused by lower domestic production.
The persistent inflation supports market expectations that the BOJ could raise interest rates as early as July. Earlier this week, the BOJ kept rates steady but signaled a tightening bias, stating it may act if inflation continues to rise. The central bank also revealed plans to gradually reduce bond purchases starting in 2026.
Higher-than-expected inflation strengthens the case for policy normalization after years of ultra-loose monetary settings. With consumer prices consistently exceeding targets, markets are now closely watching the BOJ’s next move.
This latest CPI data reinforces expectations of a shift in Japan’s monetary policy, especially amid signs of growing domestic demand and ongoing supply-side price pressures. Investors and analysts are bracing for a potential rate hike in the coming months.
