Tokyo inflation was unchanged in August, curbing a 3-month acceleration: Reuters By Reuters poll

TOKYO (Reuters) – Consumer price inflation is expected to be unchanged in Japan’s capital Tokyo in August, ending three months of acceleration, a Reuters poll showed, suggesting the central bank is in no rush to raise interest rates.

The same survey also found factory output likely rebounded and retail sales continued to rise in July, underscoring the strength of Japan’s economy after last week’s better-than-expected April-June gross domestic product data .

Tokyo’s core consumer price index (CPI) in August was likely to rise 2.2 percent from a year earlier, according to a median forecast of 16 economists, unchanged from July’s pace.

A drop in gas and hotel accommodation costs from higher prices a year earlier would have offset increases in utility costs, analysts said in the survey.

Moderation in Tokyo’s core CPI, the leading gauge of nationwide inflation trends, could cool stalwart views on the Bank of Japan’s monetary normalization program after the central bank raised its short-term policy rate to 0, 25% in July.

Core CPI data from Tokyo is available at 8:30 am on August 30 (2330 GMT, August 29).

Meanwhile, industrial production was seen rising 3.3 percent month-on-month in July, rebounding from a 4.2 percent decline in June on solid demand for semiconductor-related electronics and manufacturing machinery, economists said. .

Retail sales growth likely eased in July, rising 2.9 percent from a year earlier, after a 3.7 percent increase in June, the survey showed.

The Ministry of Economy, Trade and Industry will announce both factory production and retail sales data at 8:50 am on August 30 (2350 GMT, August 29).

In July, Japan’s unemployment rate and job-to-claim ratio were estimated to have remained unchanged at 2.5 percent and 1.23, respectively, the survey also found.

The jobs data is available at 8:30 am on August 30 (2330 GMT, August 29).