Japan's core inflation accelerates in July, bolsters case for rate hike

TOKYO, Aug 21 : Japan's core consumer inflation accelerated in July from a year earlier as firms passed on rising import costs from a weak yen and the U.S.-Israeli war on Iran, data showed on Friday, bolstering the case for a rate hike from the central bank.The data will be among the factors the Bank of Japan will scrutinise at its next policy meeting on September 17 and 18, when it is widely expected to raise rates to 1.25 per cent from 1 per cent.The core consumer price index (CPI), which includes energy-related items but excludes volatile fresh food prices, rose 1.8 per cent in July from a year earlier, matching a median forecast.It followed a 1.6 per cent rise in June and remained below the BOJ's 2 per cent target for a seventh straight month, due largely to the effect of government su