MADRID, 21 Jul. (EUROPA PRESS) -

The reference inflation rate in Japan, which excludes the impact of the price of fresh food, stood at 3.3% year-on-year last June, compared to 3.2% the previous month, according to data published by the Japanese Ministry of the Interior and Communications.

In the case of the general inflation rate, the CPI also reached 3.3% in the sixth month of 2023, compared to 3.2% the previous month.

Likewise, the underlying inflation rate, which in addition to fresh food also excludes energy, stood at 4.2% in June, one tenth below the reading for May, when it had reached its highest since 1981.

In the month of June, the price of food experienced an interannual rise of 8.4%, compared to the 8.6% increase observed in May.

"The power rate increases that took effect last month caused headline inflation to rise. However, core inflation fell for the first time in more than a year and we expect inflation to fall toward target through the end of the year," said Darren Tay, Japan economist at Capital Economics consultancy.

The Bank of Japan (BoJ), the only institution keeping interest rates negative, is scheduled to meet on July 27-28, when it will also update its macroeconomic forecasts for the country.