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    Japan's core CPI rose year-on-year for 11 consecutive months

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    Xinhua 11 months up year-on-year.

    The report showed that a sharp rise in energy prices remained the main factor driving up prices in July. Among them, electricity costs rose by 19.6%, and gas costs rose by 18.8%. Food prices rose significantly that month, with prices for imported beef and common bread both rising by more than 12%.

    The main factor that restrained the price increase in the month was the communication fee, and the mobile phone communication fee decreased by 21.7% compared with the same period of last year. Since Japanese operators have launched low-priced packages since last spring, the significant year-on-year drop in mobile phone communication fees in the last year has become an important factor in restraining the rise of CPI.

    Since April this year, the impact of communication fees on Japan’s CPI has remarkably diminished. In its economic and price outlook report released in July, the Bank of Japan raised its inflation forecast for the current fiscal year (ending March 2023) to 2.3 percent from 1.9 percent.

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