Tokyo, June 20 -- Japan's core consumer prices in May rose 3.7% from a year earlier, marking the fastest annual pace in more than two years, government data showed Friday.
The rise in the nationwide consumer price index (CPI), excluding volatile fresh food, was the sharpest since 4.2% logged in January 2023 and followed a 3.5% increase in April, the Ministry of Internal Affairs and Communications said.
The inflation rate, a key indicator for the Bank of Japan in determining the timing of rate hikes, has remained at or above the central bank's 2% price target since April 2022.
The core-core CPI, which strips away the effects of both volatile fresh food and fuel costs to show underlying price trends, rose 3.3% in May from a year e...