Inflation in Japan

Japan Inflation | Economic News & Forecasts

Japan - Inflation

Core inflation inches up in May

In May, the core consumer price index was flat from the previous month in seasonally-adjusted terms, matching the result in the previous three months. May’s reading mainly reflected that higher prices for fuel, light and water charges were offset by lower prices for food and furniture and household utensils.

Core inflation rose from April’s 0.3% to 0.4% in May. The print was in line with what market analysts had expected and represented the highest rate since April 2015. Overall inflation came in at 0.4% in May, matching April’s result.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—were flat on an annual basis, down from May’s 0.1% rise.

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 0.6% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.8%.

Japan - Inflation Data

2011  2012  2013  2014  2015  
Inflation Rate (CPI, annual variation in %)-0.3  -0.1  0.4  2.8  0.8  

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Japan Inflation Chart


Japan Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Bureau of Japan and FocusEconomics calculations.

Japan Facts

ValueChangeDate
Bond Yield0.0814.29 %Jul 26
Exchange Rate111.2-0.64 %Jul 26
Stock Market20,0500.48 %Jul 26

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