Japan Inflation March 2019


Japan: Core inflation inches up un March

April 19, 2019

The core consumer price index was flat in month-on-month seasonally-adjusted terms in March, coming in below February’s 0.1% increase.

Core inflation inched up from February’s 0.7% to 0.8% in March. The reading was a notch above the 0.7% that market analysts had expected. Nevertheless, inflation remained well below the Bank of Japan’s inflation target of 2.0%. Overall inflation rose from February’s 0.2% to 0.5% in March.

Core inflation in the Ku-area of Tokyo inched down from February’s 1.2% to 1.1% in March. Data for April will be released on 26 April.

The median inflation forecast among BoJ members is 1.1% for FY 2019 and 1.5% for FY 2020, including the effects of the consumption tax hike. FocusEconomics Consensus Forecast panelists expect inflation of 0.9% in calendar year 2019, which is down 0.1 percentage points from last month’s estimate. In 2020, the panel sees inflation at 1.3%.

Author: Ricard Torné, Lead Economist

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Japan Inflation Chart

Japan Inflation March 2019

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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