Japan Inflation July 2019


Japan: Core inflation stabilizes in July

August 23, 2019

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

Core inflation was stable at June’s 0.6% in July. The reading was in line with market analysts’ expectations. Therefore, inflation remained well below the Bank of Japan’s inflation target of 2.0%. Meanwhile, overall inflation dropped from June’s 0.7% to 0.5% in July.

Core inflation in the Ku-area of Tokyo fell from 1.0% in June to 0.9% in July. Data for August will be released on 30 August.

The median inflation forecast among BoJ members is 1.0% for FY 2019 and 1.3% for FY 2020, including the effects of the consumption tax hike. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in calendar year 2019, which is unchanged from last month’s estimate. In 2020, the panel sees inflation at 1.1%.

Author: Ricard Torné, Head of Data Analysis

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Japan Inflation Chart

Japan Inflation July 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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