Japan Inflation September 2020


Japan: Core consumer prices continue to fall in September

October 23, 2020

Core consumer prices—which exclude fresh food—rose 0.10% from the previous month in September, swinging from August's 0.39% drop. September’s reading was driven by higher clothing prices.

Core consumer prices decreased 0.3% year-on-year in September, a more moderate drop compared to August’s 0.4% fall. Meanwhile, the trend pointed up mildly, with the annual average variation of core consumer prices coming in at minus 0.3% in September (August: -0.4%). Lastly, consumer prices were unchanged over the same month last year, after rising 0.2% in the previous month.

FocusEconomics panelists project consumer prices to remain unchanged on average in 2020, which is up 0.1 percentage points from last month’s forecast. In 2021, our panelists project consumer prices to rise 0.2%, which is unchanged from last month.


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