Japan Inflation May 2020


Japan: Core consumer prices decrease in April for the first time in over four years

May 22, 2020

The core consumer price index, which excludes the price of fresh food, decreased 0.5% month-on-month in seasonally-adjusted terms in April, down from the 0.1% decrease in March. This latest decline was largely due to lower prices for transportation and energy.

The core consumer price index decreased 0.2% in April compared to the same month last year, contrasting the 0.4% increase in March and marking the first negative reading in over four years. The change was also substantially below the Bank of Japan’s target of a 2.0% increase. Overall inflation slowed to 0.1% in April (March: +0.4%).

FocusEconomics Consensus Forecast panelists expect overall consumer prices to drop 0.1% in 2020, which is down 0.3 percentage points from last month’s estimate. In 2021, the panel prices rising 0.2%.

Author:, Economist

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Japan Inflation Chart

Japan Inflation April 20 20

Note: Year-on-year and seasonally adjusted month-on-month var. of consumer price index in %.
Source: Statistics Bureau (SB) and FocusEconomics calculations.

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