A key measure of Japan's inflation accelerated for the first time in three months, supporting the central bank's path toward another interest rate increase within the year.

Japan's Ministry of Internal Affairs and Communications reported on Friday that the consumer price index excluding fresh food rose 1.6% in June from a year earlier, matching the median estimate from economists surveyed by Bloomberg.

The core inflation metric closely watched by the Bank of Japan, which strips out both fresh food and energy, increased by 1.7%. The overall consumer price index also advanced 1.7%.

The acceleration in inflation was driven by energy costs. While government subsidies helped to temper energy prices, the decline in this category slowed markedly compared to the previous month. Other components, such as durable goods and medical service fees, also contributed to the faster inflation pace.

The Bank of Japan raised its benchmark interest rate last month to the highest level since 1995, and the latest inflation data will support further tightening. The yen's slide to a roughly 40-year low against the U.S. dollar has also heightened concerns among policymakers already wary of upside inflation risks.

Markets broadly expect the Bank of Japan to maintain its current interest rate at the next policy meeting on July 31. Most Japan watchers anticipate the central bank will implement another rate hike in December.

This information is for reference only. For more detailed and precise analysis, please refer to professional financial sources.

Editor: Wang Yongsheng