Japan Inflation July 2018


Japan: Core inflation stabilizes in July

August 27, 2018

The core consumer price index rose 0.1% in month-on-month seasonally-adjusted terms in July, matching June’s result.

Core inflation stabilized at June’s 0.8% in July, which was below market expectations of 0.9%. Therefore, inflation remains well below the Bank of Japan’s inflation target of 2.0%. Overall inflation rose from June’s 0.7% to 0.9% in July, marking a four-month high.

Core inflation for Tokyo rose from 0.7% in June to 0.8% in July. Data on core inflation for Tokyo for August will be released on 31 August.

Japan Inflation Forecast

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 -% in calendar year 2018, which was from the previous month’s estimate. In 2019, our panelists saw inflation at -%.


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Japan Inflation Chart

Japan Inflation July 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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