Japan Inflation


Core inflation steady in October

In October, the core consumer price index, which excludes volatile fresh food prices, was unchanged over the previous month. The reading was down from the 0.2% increase recorded in September. Higher prices for clothing and footwear, furniture and household utensils as well as for transport and communication were offset by lower costs for culture and recreation as well as for fuel, light and water charges. As a result, core consumer prices were also unchanged compared to the same month last year, which was up from the 0.1% drop seen in September but in line with market expectations. Meanwhile, overall consumer prices fell 0.4% from the same month last year, which was a notch below the 0.3% fall seen in September. The core consumer price index for Tokyo, which is available one month before the national figures and thus is a leading indicator for countrywide inflation, fell 0.5% in November over the same month last year (October: -0.4% year-on-year). The decline exceeded market expectations that had the index falling 0.4%.

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Japan Inflation Chart

Japan Inflation October 2012

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

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