Japan's core consumer prices up 3 pct in October

TOKYO, Nov. 21 (Xinhua) -- Japan's core consumer prices in October rose 3 percent from a year earlier, driven by higher food costs, government data showed Friday.

The increase in the nationwide consumer price index (CPI), which excludes volatile fresh food, accelerated from a 2.9 percent gain in September, underscoring the negative impact of import costs driven by the yen's sharp depreciation, according to the Ministry of Internal Affairs and Communications.

The inflation rate, a key indicator for the Bank of Japan in determining the timing of rate hikes, has remained at or above the central bank's 2 percent target since April 2022.

The core-core CPI, which strips away both volatile and fresh food and fuel costs to show underlying price trends, increased 3.1 percent in October, compared with a 3 percent rise in September.

Food prices, excluding fresh items, rose 7.2 percent while energy prices climbed 2.2 percent. Enditem