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Inflation in Tokyo picked up in May, keeping the BOJ on track for a rate hike

Inflation in Tokyo accelerated in May, leaving the Bank of Japan largely on track to consider a rate hike in coming months even as the economy continues to show signs of weakness.

Consumer prices excluding fresh food rose 1.9% in the capital in May, Interior Ministry data showed on Friday. The result, which matched economists’ consensus estimate, was largely driven by energy costs associated with renewable energy surcharges.

Tokyo’s inflation rates generally serve as a leading indicator of national trends. That suggests a similar acceleration is likely when national figures are published next month. The capital’s inflation rate is currently lower than the national norm, mainly due to education support measures introduced by the metropolitan government.

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