Japan Inflation November 2018


Japan: Core inflation creeps down in November

December 21, 2018

The core consumer price index was stable in month-on-month seasonally-adjusted terms in November, down from October’s 0.2% increase.

Core inflation inched down to 0.9% in November compared to October’s 1.0%, missing analysts’ expectations of 1.0%. Nevertheless, inflation remained well below the Bank of Japan’s inflation target of 2.0%. Overall inflation fell from October’s eight-month high of 1.4% to 0.8% in November.

Core inflation in the Ku-area of Tokyo was stable at October’s 1.0% in November. Preliminary data for December will be released on 28 December.

Japan Inflation Forecast

The median inflation forecast among BoJ members is 1.9% for FY 2019 and 2.0% for FY 2020, including the effects of the consumption tax hike. FocusEconomics Consensus Forecast panelists expect inflation of 1.2% in calendar year 2019, which is unchanged from last month’s estimate. In 2020, the panel sees inflation at 1.6%.

Author:, Economist

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Japan Inflation Chart

Japan Inflation November 2018 1

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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