Japan's Core Inflation Picks Up In July, But Demand-driven Growth Below 2%
Japan's Core Inflation Picks Up In July, But Demand-driven Growth Below 2%
Japan's core inflation accelerated for a third straight month in July, data showed on Friday, but a slowdown in demand-driven price growth could complicate the central bank's decision on further interest hikes in coming months.
周五的数据显示，日本7月份的核心通货膨胀连续第三个月加速，但需求驱动的价格增长放缓可能会使央行未来几个月进一步加息的决定复杂化。
The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.7% from a year earlier, slower than a 2.6% climb in June. It matched the median market forecast and put the inflation rate at or above the central bank's 2% target for the 28th straight month.
不包括新鲜食品的全国核心消费者价格指数（CPI）比去年同期上涨2.7％，低于6月份的2.6％。它与市场预测中位数相符，并连续第28个月将通货膨胀率定为或高于央行2％的目标。
But the "core core" index, which excludes fresh food and energy costs and is closely watched by the Bank of Japan (BOJ) as a key gauge of broader inflation trends, rose 1.9% after increasing 2.2% in June. It dipped below the key 2% line for the first time since September 2022.
但是，不包括新鲜食品和能源成本并作为衡量整体通胀趋势的关键指标受到日本银行（BOJ）密切关注的 “核心” 指数，在6月份上涨2.2％之后，上涨了1.9％。它自2022年9月以来首次跌破关键的2％线。
"The increase in the core CPI reflected a phase-out of government subsidies to curb household utility bills, and with that factor excluded, the overall inflation has been slowing," said Masato Koike, senior economist at Sompo Institute Plus.
Sompo Institute Plus高级经济学家小池正人表示：“核心消费者价格指数的上涨反映了政府逐步取消了遏制家庭公用事业账单的补贴，不包括该因素，整体通货膨胀率一直在放缓。”
With utility bill relief reinstated and the yen's recent rebound now pushing down import costs, core CPI growth "is likely to slow down hereafter," he said.
他说，随着公用事业账单减免的恢复，日元最近的反弹正在压低进口成本，核心消费者价格指数的增长 “此后可能会放缓”。
Inflation data is seen as key to further decisions on rate hikes by the BOJ, which surprised markets in July by raising interest rates to a 15-year high and signalling its readiness to hike borrowing costs further on growing prospects that inflation will durably hit its 2% target.
通货膨胀数据被视为日本央行进一步加息决定的关键。日本央行在7月份将利率提高至15年来的最高水平，并表示准备进一步提高借贷成本，因为通货膨胀率将持续达到2％的目标，这让市场感到惊讶。
The BOJ's hawkish tone led the battered yen to soar and Tokyo stocks to plunge in their biggest single-day rout since 1987's Black Monday sell-off. Although markets have since stabilised, BOJ Governor Kazuo Ueda has been asked to discuss the July rate decision at parliament on Friday.
日本央行的鹰派基调导致饱受打击的日元飙升，东京股市暴跌自1987年黑色星期一抛售以来最大的单日暴跌。尽管此后市场已经稳定，但日本央行行长上田和夫被要求在周五的议会上讨论7月的利率决定。
Data released last week showed Japan's economy rebounded much faster than expected in the second quarter on robust consumption, backing the case for the central bank to continue its monetary policy tightening campaign.
上周公布的数据显示，由于消费强劲，日本经济在第二季度的反弹速度远快于预期，这为央行继续采取紧缩货币政策的行动提供了支持。
In a Reuters poll this month, 57% of economists predicted the BOJ would raise borrowing costs again by the end of the year. – Reuters
在路透社本月的一项民意调查中，有57％的经济学家预测日本央行将在年底之前再次提高借贷成本。— 路透社