Japan’s key inflation gauge held steady in May thanks in part to government subsidies that kept energy costs down, keeping the Bank of Japan on track for another interest-rate hike later this year.
Core consumer prices, excluding fresh food, rose 1.4% from a year earlier, the Ministry of Internal Affairs and Communications reported Friday. The reading was in line with economists’ expectations and matched the lowest level since 2022.
A measure that excludes both fresh food and energy rose 1.8% from a year earlier, also matching the median forecast.
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