Japan Inflation March 2017


Japan: Core inflation stabilizes in March

April 28, 2017

In March, Japan's core consumer price index was flat from the previous month, matching February’s result. The print mainly reflected that lower prices for furniture and household utensils and food were offset by higher prices for clothes and footwear, culture and recreation and fuel, light and water charges.

Core inflation rose was stable at last month’s 0.2% in March. The print matched market analysts’ expectations. Overall inflation came in at 0.2% in March, below February’s 0.4%.

Core prices for Tokyo—available one month in advance of the national figures and thus a leading indicator for countrywide inflation—fell 0.1% in April from the same month last year (March: -0.4% year-on-year).

The Bank of Japan (BoJ) expects that core inflation will be between 0.6% and 1.6% in the fiscal year ending March 2018. In the following fiscal year, the BoJ sees inflation between 0.8% and 1.9%. FocusEconomics Consensus Forecast panelists expect inflation of 0.7% in calendar year 2017, which is unchanged from last month’s estimate. In 2018, the panel sees inflation at 0.9%.

Author: Ricard Torné, Lead Economist

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Japan Inflation Chart

Japan Inflation March 2017

Note: Year-on-year and month-on-month var. of consumer price index in %.
Source: Statistics Bureau (SB) and FocusEconomics calculations.

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