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Economy

Japan inflation hits 7-year high of 2.1% in April

Prices shoot past BOJ's 2% target, but central bank unlikely to tighten soon

A fishmonger walks through a street market in Tokyo's Tsukiji area on April 22. Accelerating inflation in Japan is hitting consumers in the pocket.   © AFP/Jiji

TOKYO -- Japan's inflation accelerated past the central bank's target to a seven-year high in April, as more consumer-facing businesses passed on rising import costs by raising prices for their products and services.

The country's core consumer price index, which excludes fresh food items, rose 2.1% from a year earlier, the sharpest increase since March 2015 after the consumption tax rate was raised to 8% from 5%.

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