Japan Inflation August 2018

Japan

Japan: Core inflation stabilizes in August

September 28, 2018

The core consumer price index rose 0.3% in month-on-month seasonally-adjusted terms in August, above July’s 0.1% increase.

Core inflation inched up from July’s 0.8% to 0.9% in August, which matched a median market forecast. Therefore, inflation remains well below the Bank of Japan’s inflation target of 2.0%. Overall inflation rose from July’s 0.9% to 1.3% in August, marking a six-month high.

Core inflation in the Ku-area of Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—rose from 0.9% in August to 1.0% in September.

The median inflation forecast among BoJ members is 1.3% for FY 2018 and 2.3% for FY 2019. Last month, FocusEconomics Consensus Forecast panelists expected inflation of 1.0% in calendar year 2018, which was unchanged from the previous month’s estimate. In 2019, our panelists saw inflation at 1.1%.


Author: Ricard Torné, Lead Economist

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Japan Inflation August 2018 3

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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