Tokyo Core CPI Rises 3.6% in May; Rice Prices Remain Elevated Despite Government Measures

Sure, here is the English translation: --- On the 30th, Japan’s Ministry of Internal Affairs and Communications announced the Consumer Price Index (CPI) for Tokyo’s 23 wards for May (preliminary mid-month figures, base year 2020 = 100). The core index, which excludes volatile fresh food prices, rose to 110.5, marking a 3.6% increase compared to the same month last year. This is the 45th consecutive month of increase and the highest rise since January 2023 (4.3%). The price of rice surged by 93.7%. Although this is a slight slowdown from the record 93.8% increase in April, prices remain at historically high levels. Food excluding fresh produce rose by 6.9%, surpassing the 6.4% increase in April. Although the government began releasing reserve rice stocks in March to curb rice prices, the supply did not sufficiently reach retail stores, resulting in continued supply-demand tightness. The overall index, which includes fresh food and is closer to consumers’ actual cost of living, rose by 3.4%. The index excluding both fresh food and energy increased by 3.3%.