Japan's core consumer inflation quickened to 2.8% in August, hitting its fastest annual pace in nearly eight years and exceeding the central bank's 2% target for a fifth straight month as price pressure from raw materials and yen weakness broadened.
The strength of August inflation reinforced growing suspicions among economists that price pressure will last longer than the Bank of Japan has been expecting, though many still expect no immediate change to its ultra-easy policy.
"Inflation may stay above 2% for another year or so. That could prod the BOJ to change the way it looks at prices," he said. The increase, the fastest since October 2014, was due largely to higher utility bills, rising food and grocery goods prices, and the fading effect on the data from cuts to mobile phone charges implemented last year.
The inflation data highlights the dilemma the BOJ faces as it tries to underpin a weak economy by maintaining ultra-low interest rates, which in turn are fuelling an unwelcome slide in the yen that pushes up import costs.
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