Consumer prices dipped in May as oil slipped


30/06/2012 11:08 AST  The Japan Times

Benchmark consumer prices unexpectedly fell 0.1 percent in May from a year earlier, affected by slides in durable goods prices as well as by moderating gains in energy costs, government data showed Friday.

The core consumer price index, which excludes volatile fresh food prices, dropped for the first time in four months to 100.0 against the 2010 base of 100, the Internal Affairs and Communications Ministry said. Many analysts had forecast the index would remain flat.

The result added to the view that authorities have to continue to fight deflation. The Bank of Japan has said it will keep in place its ultraloose monetary policy to boot economic activity until judging consumer prices are stably increasing 1 percent year on year.

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