Inflation in Japan

Japan Inflation (eop) | Economic News & Forecasts

Japan - Inflation (end of period)

Decline in core prices steady in November

The core consumer price index was entirely flat in November compared to the previous month, below October’s 0.2% rise. November’s reading mainly reflected that higher prices for clothes and footwear, furniture and household utensils, and fuel, light and water were offset by lower costs for medical care and culture and recreation.

Core prices were down 0.4% from the same month last year in November, matching the result in October and slightly below the 0.3% drop that market analysts had expected. Overall inflation rose to 0.5% in November from 0.1% a month earlier and marked the highest print since May 2015.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.6% in December from the same month last year (November: -0.4% year-on-year).

The Bank of Japan (BoJ) expects core inflation to be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ foresees inflation of between 0.9% and 1.9%. FocusEconomics Consensus Forecast panelists expect consumer prices to rise 0.5% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.9%.

Japan - Inflation (eop) Data

2011  2012  2013  2014  2015  
Inflation Rate (CPI, annual variation in %, eop)-0.2  -0.1  1.6  2.4  0.2  

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Japan Inflation (eop) Chart

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

Japan Facts

Bond Yield0.07-12.00 %Jan 20
Exchange Rate114.6-0.21 %Jan 20
Stock Market19,1380.34 %Jan 20

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