Japan's core inflation rises 3.2% in May, higher than expected

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Asia Pacific

Japan's core inflation rises 3.2% in May, higher than expected

Fresh data from Japan shows the country is undergoing its fastest inflation in four decades, as post-pandemic demand drives costs up. Core inflation, which excludes volatile energy and food costs, was up 3.2% in May. That's lower than April but still higher than analysts' expectations. The Bank of Japan is using low-interest rates to stimulate the economy, which hasn't recovered its pre-pandemic size. The bank's governor expects inflation for consumers to ease down to 2% later this year, but the latest data casts doubt on whether that will happen.