URGENT: Japan’s core consumer prices up 3.2% in May on year

Core consumer prices in Japan rose 3.2 percent in May from a year earlier, remaining above the Bank of Japan’s 2 percent target for the 14th straight month, government data showed Friday.

The core consumer price index, excluding volatile fresh food items, marked the 21st month of year-on-year increase, due largely to higher import costs for fuel and raw materials.

The key gauge of inflation gained 3.4 percent in April.