Japan Inflation June 2020


Japan: Core consumer prices hold steady in June in annual terms

July 21, 2020

The core consumer price index, which excludes the price of fresh food, rose 0.1% in June over the previous month in seasonally adjusted terms, swinging from the 0.1% fall seen in May, and above the median market forecast, which was for a 0.1% decline. This increase was largely due to higher prices in transportation and communication, and furniture and household utensils. June's reading also marked the highest increase in prices since November 2019.

The core consumer price index remained unchanged in June compared to the same month last year, following May’s 0.2% fall, and remained below the Bank of Japan’s 2.0% increase target. Meanwhile, the trend improved, with coming in at 0.0% in June (May: -0.2%). Overall, inflation was unchanged at May's 0.1% in June.

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 0.3%.

Author:, Economist

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Japan Inflation Chart

Japan Inflation June 20 20 0

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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