Japan's core consumer prices narrowed their annual pace of falls for three straight months in July, a sign global commodities inflation was offsetting some of the deflationary pressure from a pandemic-induced spending slump.
But analysts expect consumer inflation to stay well below levels seen in the United States and Europe, as Japan's decision on Tuesday to extend state of emergency curbs into mid-September is seen dealing a blow to already weak household spending.
But the drop was smaller than market forecasts for a 0.4% fall and a 0.5% decrease in June due to the boost from rising food and fuel costs, including a 19.6% spike in gasoline bills. The drop in Japan's consumer prices contrasts sharply with moves in wholesale prices, which spiked 5.6% in July to mark the fastest annual increase in 13 years.The so-called core-core consumer price index, which strips away not just fresh food but energy costs, fell 0.6% in July from a year earlier.
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