TOKYO (Reuters) – Consumer inflation in Tokyo in November was likely to exceed the Bank of Japan’s estimate of 2 percent following a cut in fuel subsidies and a rise in food costs, a Reuters poll said on Friday.
The core consumer price index (CPI) in Tokyo, the leading indicator of price trends nationwide, was expected to rise 2.1% in November from a year earlier, the median forecast of 17 economists showed.
That would follow a 1.8% increase in October, when it was below the central bank’s target for the first time in five months.
“The increase in the year-on-year index (in November) is expected to increase from last month, due to the resumption of food price growth due to the increase in the price of rice, and the decrease in the effect of government measures to combat them. rising prices,” said Shunpei Fujita, an economist at Mitsubishi UFJ Research and Consulting.
Japan’s nationwide CPI, which excludes fresh food but includes energy, eased slightly to 2.3% in October from 2.4% in September, data showed earlier on Friday.
The domestic affairs ministry will release Tokyo’s CPI data for November, which is among the key data to follow ahead of the BOJ’s December policy-setting meeting, on November 29 at 8:30 am Japan time (Nov. 28 at 2330 GMT).
Meanwhile, Japan’s industrial output grew by 3.9% in October from the previous month, supported by increased production of chip-related equipment and transportation equipment, the survey showed. That would follow September’s increase of 1.6%.
The industry ministry will release factory output data on Nov. 29 at 8:50 am Japan time (Nov. 28 at 2350 GMT). It will also announce retail sales figures, which were expected to jump 2.2% in October from a year ago, in the same period.
Japan’s unemployment rate was likely to be 2.5% in October, up from 2.4% in September, while the number of job applicants was expected to stabilize at 1.24, according to the survey.
Jobs data will be published at 8:30 am on Nov. 29.
(Reporting by Satoshi Sugiyama; Editing by Sonali Paul)
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