Japan’s core consumer inflation rise to 2.9% in October, slower than expected

By Tuba Ongun

Japan's core consumer inflation rose at a slower pace than expected in October, according to government data released Friday.

Excluding fresh food, core consumer prices increased 2.9% year-on-year in October from the 13-month low of 2.8% in September.

The market expected the core consumer inflation to be at 3% in the month.

October's figure stayed above the Bank of Japan's 2% target for the nineteenth month.

The world's third-largest economy saw its headline inflation rise to a 3-month high of 3.3% in October from 3% in September.

Consumer prices, excluding fresh food and energy, increased 4% from the prior year, around the highest pace since 1981.