Japan Inflation Accelerates to 1.8% in July on Beef and Energy Costs

Japan's core consumer price index rose 1.8% in July from a year earlier, with inflation accelerating for a second consecutive month. The pace of increase was higher than the 1.6% recorded in June.

The core CPI, which excludes volatile fresh food prices, was driven by higher costs for imported beef and energy. Imported beef prices rose 11.0%, as the weaker yen increased import costs. Energy prices also rebounded, rising 0.6% from a year earlier after declining 0.4% in June.

However, rice prices fell 11.6% from a year earlier, marking their steepest decline in 20 years. The overall index was pushed up by food excluding fresh items, which rose 3.0% from a year earlier.