Japan’s inflation accelerated further beyond the central bank’s 2% target in July, complicating Bank of Japan Gov. Haruhiko Kuroda’s task of explaining his insistence on the continued need for ultralow rates.

Consumer prices, excluding fresh food, rose 2.4% in July from a year ago, with energy costs accounting for around half the gains, the internal affairs ministry reported Friday. The result matched economists’ estimates and was the strongest reading since 2008 excluding the impact of sales tax hikes.

The key gauge of inflation exceeded the Bank of Japan's 2% target for the fourth straight month on the back of higher crude oil prices driven by Russia's invasion of Ukraine and a weak yen. But the BOJ is likely to maintain its ultralow monetary policy, unlike other major central banks that have started to raise interest rates to curb inflation, analysts said.