Core inflation in Japan was also above the BOJ’s 2 percent target in August.

In August, core consumer prices increased by 2.8 percent compared to the same period of the previous year, reaching the highest level in nearly eight years.

Economists had expected core inflation, excluding fresh food, to be 2.7 in August.

This rate was 2.4 percent in July. Excluding both fresh food and energy prices, core consumer prices increased by 1.6 percent compared to last year’s period, reaching the highest level since 2015.

Headline inflation was 3.0 percent year-on-year in August. Consumer prices increased by 0.3 percent compared to the previous month. In August, goods prices increased by 5.7 percent year-on-year in Japan, while the increase in service prices remained at 0.2 percent.