Summary: Rice prices in Japan surged by over 100% in May, contributing to a 3.7% core inflation rate, the highest since January 2023. This marks the 38th consecutive month of inflation above the Bank of Japan’s 2% target. The Bank of Japan held interest rates steady but acknowledged the impact of wage increases on inflation and expressed optimism about a potential waning of price pressures in the coming months.

Link: https://www.cnbc.com/2025/06/20/japans-core-inflation-hits-highest-level-since-jan-2023-putting-pressure-on-boj-to-raise-rates.html