The Bank of Japan is expected to revise up its inflation forecasts for fiscal 2022 to fiscal 2024 in a quarterly report to be adopted at its Jan. 17-18 monetary policy meeting.
The changes are expected amid increasing moves to pass on higher material costs to prices, including the unabated wave of food price hikes.
In its latest Outlook for Economic Activity and Prices report, released in October last year, the BOJ’s growth projection for Japan’s core consumer price index, excluding fresh food prices, stood at 2.9% for fiscal 2022 through March this year, 1.6% for fiscal 2023 and 1.6% for fiscal 2024.
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