Japan inflation hits 13-month low, stays above BOJ target

September's index increase eased to 2.8% as food price hikes slow

20231019 Ginza shopping

Pedestrians walk in Ginza, a popular shopping area in Tokyo. (Photo by Suzu Takahashi)

CHIHIRO ISHIKAWA, Nikkei staff writer

TOKYO -- Japan's core consumer price index climbed 2.8% in September from a year earlier, down from a 3.1% increase in August as the pace of hikes in the cost of food slowed, official data showed on Friday.

The index, which excludes volatile fresh food, indicates September's inflation rate was the slowest since August 2022. But price increases remained above the Bank of Japan's 2% target, exceeding the threshold for the 18th consecutive month.

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