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Japan's core consumer prices fall for 5th straight month in July

Xinhua, August 26, 2016 Adjust font size:

Japan's core consumer prices declined for a fifth straight month in July, the government said Friday, adding more pressure on the central bank to ease its monetary policy and boost its reflationary efforts.

The 0.5 percent drop in July was attributable to a slump in prices for crude oil with the decline marking the biggest annual drop in more than three years, the Ministry of Internal Affairs and Communications said.

The latest figures came on the heels of a revised 0.4 percent drop a month earlier and median market analysts believe the Bank of Japan (BOJ) will now have little choice but to expand its already hefty stimulus program following its policy board meeting next month.

The ministry's data showed that the core consumer price index, which excludes volatile fresh food prices, stood at 99.6 against the 2015 base of 100. Endit