Global Market: Core inflation in Tokyo accelerates as energy-driven price pressures begin to broaden

Tokyo's core consumer price index rose 1.6% year-on-year in June, accelerating from 1.3% in May, with energy costs from the Middle East conflict feeding through to electricity and gas prices. A closely watched gauge excluding fresh food and fuel climbed 1.9%, suggesting price pressures are spreading beyond energy to non-energy items like food. The Bank of Japan, which raised rates to a 31-year high this month, will review its growth and price forecasts at next month's policy meeting amid concerns over energy-driven inflation.