Japan's Core Inflation Hits 59-Month High

Japan's core consumer prices rose 1.8 percent in July from a year earlier, marking the country's 59th consecutive month of increasing core inflation.

The Ministry of Internal Affairs and Communications reported that the core Consumer Price Index (CPI) stood at 102.1, accelerating from a 1.6 percent gain in June.

Energy costs drove much of this growth, rising 0.6 percent year-over-year after a 0.4 percent drop in June.

Analysts noted that Japan's core CPI has remained below the Bank of Japan's 2 percent inflation target for seven consecutive months, but upward price pressures have not eased significantly.