Japan Inflation May 2019


Japan: Core inflation slows in May

June 21, 2019

The core consumer price index fell 0.1% in month-on-month seasonally-adjusted terms in May, contrasting April’s 0.1% increase.

Core inflation declined from April’s 0.9% to 0.8% in April. The reading was in line with the result that market analysts had expected. Therefore, inflation remained well below the Bank of Japan’s inflation target of 2.0%. Overall inflation fell from April’s 0.9% to 0.7% in May.

Core inflation in the Ku-area of Tokyo fell from April’s 1.3% to 1.1% in May. Data for June will be released on 28 June.

Japan Inflation Forecast

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%.


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Japan Inflation Chart

Japan Inflation May 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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