Japan Inflation April 2017


Japan: Core inflation rises to two-year high in April

May 26, 2017

In April, the core consumer price index in Japan was flat from the previous month in seasonally-adjusted terms, matching the result in the previous two months. April’s reading reflected that higher prices for goods were offset by a decline in prices for semi-durable goods.

Core inflation rose from March’s 0.2% to 0.3% in April. The print undershot the 0.4% that market analysts had expected and represented the highest rate since April 2015. Overall inflation came in at 0.4% in April, above March’s 0.2%.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—rose 0.1% in May from the same month last year (April: -0.1% year-on-year).

The Bank of Japan (BoJ) expects that core inflation will be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ sees inflation between 0.8% and 1.9%. FocusEconomics Consensus Forecast panelists expect inflation of 0.7% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at Error! Not a valid link.%.


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Japan Inflation Chart

Japan Inflation April 2017

Note: Year-on-year and seasonally adjusted month-on-month var. of consumer price index in %.
Source: Statistics Bureau (SB) and FocusEconomics calculations.

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