Japan Inflation March 2018


Japan: Core inflation inches down in March

April 20, 2018

In March, the core consumer price index fell 0.1% compared to the previous month in seasonally-adjusted terms, contrasting a rise of the same magnitude in February.

Core inflation inched down from February’s multi-year high of 1.0% to 0.9% in March, matching what market analysts had expected. Overall inflation declined from February’s 1.5% to 1.1% in March.

Core inflation for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—moderated from 0.8% in March to 0.6% in April.

The median inflation forecast among BoJ members is 1.3% for FY 2018 and 2.3% for FY 2019. FocusEconomics Consensus Forecast panelists expect inflation of 1.0% in calendar year 2018, which is up 0.1 percentage points from last month’s estimate. In 2019, our panelists see inflation at 1.3%.

Author:, Economist

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Japan Inflation Chart

Japan Inflation March 2018

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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