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Japan core CPI rises 1.2 pct yr/yr in November

Thursday, 26 Dec 2013 | 6:38 PM ET

TOKYO, Dec 27 (Reuters) - Japan's core consumer prices rose 1.2 percent in November from a year earlier, accelerating to a fresh five year high, government data showed on Friday, marking a steady progress towards beating 15 years of deflation.

The rise in the core consumer price index, which includes oil products but excludes volatile prices of fresh food, compared with a 1.1 percent increase expected by economists in a Reuters poll, it showed.

That marked the fastest growth since 1.9 percent seen in October 2008, data by the Ministry of Internal Affairs and Communications showed.

The so-called core-core inflation index, which excludes food and energy prices and is similar to the core index used in the United States, rose 0.6 percent in the year to November, a second straight month of gains and the biggest increase since a 0.7 percent increase in August 1998.

Core consumer prices in Tokyo, available a month before the nationwide data, rose 0.7 percent in December from a year earlier, matching a 0.7 percent increase expected by economists.

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