TOKYO (Reuters – A Reuters poll revealed that core consumer prices rose rapidly in Tokyo in April to near the Bank of Japan’s 2% target. It is a sign of increasing global commodity inflation.

Tokyo’s inflation rate, an indicator of price changes across the country, will be closely monitored by market watchers to see if there are any clues about how rapidly it may change its current policy.

According to a poll by 14 economists, the Tokyo core consumer price index, which excludes food but includes energy, is expected to rise 1.8% in April compared to a year ago.

It would mark the fastest increase since March 2015’s 2.2% annual growth.

Analysts predict that the increase in prices will be driven by increasing raw materials costs, and the diminishing impact of previous cellphone fees cuts.

On May 6, the government will publish April Tokyo CPI data. 6, 8:30 AM (May. 5, 2330 GMT).