Japan's Consumer Price Index (excluding fresh food) for July rose by 3.1% compared to the same month last year, according to the Ministry of Internal Affairs and Communications on August 22.
The rate of increase slowed for the second consecutive month, coming in lower than June's 3.3%. However, the inflation rate has remained above 3% for eight consecutive months, significantly exceeding the Bank of Japan (BOJ)'s target of 2%.
This figure is slightly higher than the market forecast median of 3.0% compiled in advance by financial information provider QUICK.
The price of rice, which has been identified as a major factor behind Japan's high inflation, rose by 90.7% year-on-year, showing a slower pace of increase compared to the previous month's 100.2% rise.
Kyodo News reported that "the government's release of reserve rice through negotiated contracts is not reflected" and added that "gasoline prices fell by 1.3% thanks to government subsidies and other measures."
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