On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.

Japan's inflation rate in January climbed to 4%, hitting its highest level since January 2023. Core inflation — which excludes prices of fresh food — rose to 3.2%, beating economists' expectations of 3.

Japan’s inflation surged in January, with consumer prices rising 4% year over year—the highest level since early 2023. This has intensified pressure on the Bank of Japan (BOJ) to tighten its ultra-loose monetary policy.

Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday. Overall, inflation including volatile fresh food prices was up 4.