Japan inflation readings for May 2025:

Headline rate is 3.5% y/y

• expected 3.5%, prior 3.6%

CPI excluding Fresh Food 3.7% y/y, the fastest rise in 2+ years (again) … highest since January 2023 … said to be driven by oil and services costs, but if you take out energy (see below) its still rising fast

• expected 3.6%, prior 3.5%

CPI excluding Fresh Food, Energy 3.3% y/y, the fastest rise since January 2024

• expected 3.2%, prior 3.0%

more to come

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The Tokyo area inflation data for May showed higher than in April on 2 of the 3 measures.

Bank of Japan Governor Ueda got his higher inflation and now he can’t raise rates.

Later this year,
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