Japan December headline CPI +3.6% (expected +3.4%, prior 2.9%) ...Middle East

Headline overall inflation rate 3.6%

Expected 3.4%, prior 2.9%

Expected 3%, prior 2.7%

Inflation Ex-Food and Energy 2.4%

prior 2.4%

***

July 2024: The core CPI, which excludes fresh food prices, increased by 2.7% y/y, up from 2.6% in June.

September 2024: The core CPI growth slowed to 2.4% y/y, primarily due to the implementation of energy subsidies.

November 2024: The core CPI rose by 2.7% y/y, indicating an acceleration in inflation. This uptick was largely due to the government's reduction of electricity and gas subsidies, which led to higher energy prices.

Still to come from Japan is the expected rate hike from the BoJ:

Poll shows 18 out of 19 economists expect a Bank of Japan rate hike on FridayThe BOJ meet today and tomorrow and is unlikely to delay rate hike action

As always, there is no firm time for the BoJ statement. Experience suggests to expect it some time in the 0230 to 0330 GMT time window. A rate hike is widely expected today. When there is some sort of change of policy expected the announcement is more likely to come later in that time window than earlier

This article was written by Eamonn Sheridan at www.forexlive.com.

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