Japan Inflation August 2020


Japan: Core consumer prices fall year-on-year in August

September 18, 2020

The core consumer price index—which excludes the price of fresh food—declined 0.40% over the previous month in August, contrasting July’s 0.20% rise. August’s downturn marked the first decline in prices in three months and was primarily driven by a decline in prices for culture and recreation, and clothing and footwear.

Similarly, the core consumer price index declined 0.4% in August compared to the same month last year, after it remained unchanged in July, falling further below the Bank of Japan’s 2.0% increase target. The annual average variation of core consumer prices declined to minus 0.4% in August (July: 0.1%). Lastly, inflation ticked down to 0.2% from July’s 0.3%.

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%.


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Japan Inflation Chart

Japan Inflation August 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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