Japan Inflation


Core consumer inflation continues to increase in September

In September, the core consumer price index, which excludes volatile fresh food prices, added 0.2% over the previous month. The reading mirrored the result tallied in the previous month. The increase was driven by higher prices for clothing and footwear as well as for fuel, light and water charges, which more than offset lower costs for culture and recreation. Owing to the monthly price increase, core consumer prices dropped only 0.1% over the same month last year, which was above the 0.3% drop seen in August. Moreover, the result came in a notch above market expectations that had core prices declining 0.2%. Meanwhile, overall consumer prices fell 0.3% from the same month last year, which was a notch above the 0.4% fall seen in August. 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 0.4% in October over the same month last year (September: -0.4% year-on-year). The decline overshot market expectations that had the index falling 0.5%.

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Japan Inflation Chart

Japan Inflation September 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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