Japan Inflation December 2020


Japan: Core consumer prices post greatest decline since September 2010 in December

January 22, 2021

Core consumer prices were flat over the previous month in December, following November's 0.10% drop.

Core consumer prices—which exclude fresh food—dropped 1.0% year-on-year in December, edging down from November’s 0.9% fall. December's figure represented the largest fall in prices since September 2010. As such, the trend pointed down slightly, with the annual average variation of core consumer prices coming in at minus 1.1% in December (November: -1.0%). Lastly, consumer prices for all items fell 1.2% on an annual basis in December, which was a sharper drop than November's 0.9% decrease.

FocusEconomics panelists expect overall consumer prices to drop 0.1% in 2021, which is down 0.1 percentage points from last month’s estimate. In 2022, the panel sees prices rising 0.5%.


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Japan Inflation Chart

Japan Inflation December 20 20

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

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