Inflation in Japan rises to 2.7 percent in July

People in yukata take photos at Sensoji Temple in Tokyo's Asakusa district on August 16, 2024, Philip FONG / AFP

The core consumer price index, which excludes volatile fresh food prices, was in line with market expectations.

Factors contributing to the increase included increased prices for electricity and gas, processed foods and car insurance premiums, the ministry said in a statement.

Although price increases at the pump are slowing, rising electricity and natural gas charges are slowing this trend again, the ministry added.

Excluding fresh food and energy, prices in Japan rose 1.9 percent in July – also in line with expectations – after a 2.2 percent increase in June.

The data comes after the Bank of Japan's deputy governor said earlier this month that central banks would maintain their ultra-loose monetary policy amid market volatility.

The Nikkei 225 benchmark index rose more than 10 percent on August 6, a day after falling more than 12 percent on concerns about a possible recession in the United States and the stronger yen.

At the end of last month, the BoJ raised its key interest rate for only the second time in 17 years – indicating that it plans further rate hikes if the economy develops as expected.

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