Japan Inflation April 2018


Japan: Core inflation moderates in April

May 18, 2018

In April, the core consumer price index fell 0.1% compared to the previous month in seasonally-adjusted terms, matching March’s 0.1% drop.

Core inflation edged down from 0.9% in March to 0.7% in April. The print was below market projections of a 0.8% rise. Overall inflation declined from 1.1% in March to 0.6% in April, falling further from the Bank of Japan’s 2.0% target.

Core inflation for Tokyo moderated from 0.8% in March to a five-month low of 0.6% in April. Data on core inflation for Tokyo in May will be released on 25 May.

Japan Inflation Forecast

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 1.1% 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%.


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Japan Inflation Chart

Japan Inflation April 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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