TOKYO, Aug 30 (Reuters) - Japan’s core consumer prices rose 0.7 percent in July from a year earlier, marking the second straight month of gains and hitting a near-five year high, data showed on Friday, boding well for the central bank’s efforts to eradicate deflation.
The rise in the core consumer price index, which includes oil products but excludes volatile prices of fresh food, compared with economists’ median forecast for a 0.6 percent increase, the data from the Ministry of Internal Affairs and Communications showed.
It followed a 0.4 percent rise in June.
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, fell 0.1 percent in the year to July.
Core consumer prices in Tokyo, available a month before the nationwide data, rose 0.4 percent in August from a year earlier, matching a median forecast for a 0.4 percent increase.
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