Japan Inflation July 2017

Japan

Japan: Core inflation hits over two-year high in July

August 25, 2017

In July, the core consumer price index was flat from the previous month in seasonally-adjusted terms, matching the result in the previous five months.

Core inflation rose from June’s 0.4% to 0.5% in July. The print was in line with what market analysts had expected and represented the highest rate since April 2015. Overall inflation came in at 0.4% in July, matching June’s result.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—rose 0.4% on an annual basis in August, up from July’s 0.1% rise.

The Bank of Japan (BoJ) expects that core inflation will be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ sees inflation between 0.8% and 1.9%. FocusEconomics Consensus Forecast panelists expect inflation of 0.6% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.8%.


Author: Ricard Torné, Lead Economist

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Japan Inflation July 2017 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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