Japan Inflation September 2016

Japan

Japan: Drop in core prices remains stable in September

In September, the core consumer price index was flat compared to the previous month, which matched the result in August. The print mainly reflected that higher prices for clothes and footwear were offset by lower prices for culture and recreation as well as for transportation and communication.

Core prices were down 0.5% from the same month last year in September, which was in line with market analysts’ expectations and matched the results in both July and August. Overall consumer prices fell 0.5% in September, matching August’s decline.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.4% in October from the same month last year (September: -0.5% year-on-year).

The Bank of Japan (BoJ) expects that core inflation will be between 0.0% and 0.3% in the fiscal year ending March 2017. In the following fiscal year, the BoJ sees inflation between 0.8% and 1.8%. FocusEconomics Consensus Forecast panelists expect consumer prices to decline 0.1% in calendar year 2016, which is unchanged from last month’s estimate. In 2017, the panel sees inflation at 0.6%, which is also unchanged from last month’s forecast.


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Japan Inflation September 2016

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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