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Bank of Japan Raises Inflation Forecast for 2023

In its latest quarterly outlook report, the Bank of Japan (BOJ) has raised its inflation forecasts for 2023. The central bank now expects its core inflation rate for the fiscal year 2023 to come in at 2.4% to 2.7%, higher than the 1.7% to 2% forecast in the previous quarterly report. The core inflation rate excludes the price of fresh food in the consumer price index. Additionally, the “core-core” inflation rate, which strips out prices of fresh food and energy and is used as a reference by the BOJ, is now expected to be 3.1% to 3.3%, compared to the previous forecast of 2.5% to 2.7%. The BOJ attributes this significant increase in projected core inflation to higher cost increases resulting from past rises in import prices, which have been passed on to consumer prices to a greater extent than anticipated.

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