Japan's November consumer inflation marked the biggest year-on-year rise in nearly two years on surging fuel costs, a sign that the fallout from global commodity price gains is broadening.
The increase, however, is unlikely to prompt the Bank of Japan to withdraw monetary stimulus any time soon, with inflation still distant from the central bank's 2% target, analysts say.
Japan's core consumer price index , which excludes volatile fresh food but includes oil costs, rose 0.5% in November from a year earlier, government data showed, exceeding a median market forecast for a 0.4% gain.The gain was driven by a 15.6% surge in energy costs. Food costs also rose 1.4%, indicating households were facing higher grocery costs even when wage growth remains slow.
"We expect underlying inflation to accelerate to a peak of around +1.0% next year as goods inflation rises further and the drag from mobile phone tariff cuts drops out of the annual comparison," said Tom Learmouth, Japan economist at Capital Economics.
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