Japan Inflation May 2020


Japan: Core consumer prices fall again in May

June 19, 2020

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

The core consumer price index decreased 0.2% in May compared to the same month last year, as it did in April. The change was also substantially below the Bank of Japan’s target of a 2.0% increase. Overall inflation was unchanged at 0.1% in May.

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

Author:, Economist

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Japan Inflation Chart

Japan Inflation May 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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